1 month later after breaking 3000 a historic roadblock for bitcoin
We must expect a large correction before resuming uptrend.
If BTC follows similar pattern when running into wall of 3000, can expect such a correction to happen on similar timeframe at 5000?
Could BTC drop 40% similar to when it failed to break 3000?
A fall back to previous resistance of 3000 isn't out of the realm of possibility
Keep in mind those that bought at 3000 are up 60%+
Those that bought at the exact dip are up 170%+
And anyone who bought in between are up 60-170%
And it took 82 days to go from 3000 peak, break 3000 and go to 5000
Of note:
Engulfing bearish candlestick pattern on daily timeframe (which we haven't seen since hardfork)
Additional hardfork in November will interfere with this analysis
If 5000 + 5200 level is broken (cleanly!) pattern is invalid.
We must expect a large correction before resuming uptrend.
If BTC follows similar pattern when running into wall of 3000, can expect such a correction to happen on similar timeframe at 5000?
Could BTC drop 40% similar to when it failed to break 3000?
A fall back to previous resistance of 3000 isn't out of the realm of possibility
Keep in mind those that bought at 3000 are up 60%+
Those that bought at the exact dip are up 170%+
And anyone who bought in between are up 60-170%
And it took 82 days to go from 3000 peak, break 3000 and go to 5000
Of note:
Engulfing bearish candlestick pattern on daily timeframe (which we haven't seen since hardfork)
Additional hardfork in November will interfere with this analysis
If 5000 + 5200 level is broken (cleanly!) pattern is invalid.
Note
China banning ICOs could be catalyst to current dropNote
Cannot ignore this pattern on 4hour, double bottom will mean temporary reversal. Watching base line and top of resistance cloud as confirmation Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.