Hi all, bitcoin's rebound has reached the first target of the rally, around the 4200 zone. Next target is around 5000.
We could have 2 scenarios:
1) Bitcoin correction towards 3600 to build the pattern's right shoulder. I think it would be healthier and would give more strength to a big future move up.
2) Bitcoin holding it's price over the 200 EMA and breaking the pattern's neckline with volume confirmation. This scenario can bring quick gains but is weaker in the long term (leaves less probability for bitcoin to reach the 5k target).
Tell me what do you think, we've had a massive run up the past 10 days so that's why I am more confident on a retest of the 3600 zone. Anyway, we know this is bitcoin, and it's actual big momentum makes the price less predictable than when it comes to a daily basis.
The purple trend line can be an interesting trend to follow too. If it is broken that can be used as a strong confirmation of the correction towards the 3600's.
Cheers,
Flawless
We could have 2 scenarios:
1) Bitcoin correction towards 3600 to build the pattern's right shoulder. I think it would be healthier and would give more strength to a big future move up.
2) Bitcoin holding it's price over the 200 EMA and breaking the pattern's neckline with volume confirmation. This scenario can bring quick gains but is weaker in the long term (leaves less probability for bitcoin to reach the 5k target).
Tell me what do you think, we've had a massive run up the past 10 days so that's why I am more confident on a retest of the 3600 zone. Anyway, we know this is bitcoin, and it's actual big momentum makes the price less predictable than when it comes to a daily basis.
The purple trend line can be an interesting trend to follow too. If it is broken that can be used as a strong confirmation of the correction towards the 3600's.
Cheers,
Flawless
Note
Crytical fight going on right now. EMA 200 & Purple trend line have to hold. Otherwise we are going to visit the 3600 zone soon!!Note
Glad to see bitcoin drop :) Remember this is healthier for the futureNote
Bitcoin has to hold the green zone. Looking weak so we could have downside manipulative spikes. Use them to buy your alts for the altcoin cycle that's unfolding for january.I am not so worried for the spikes as long as we keep closing over the orange zone (just as we did in the left shoulder) If we fail to do so I would tight my SL in case the bears take control of the situation.
Note
Still holding the support zone. In around 2 days we should be seeing good signs of rebound. These days are complicated because of the low volume, but the TA is still strong. Note
boom!Note
Bitcoin probably retesting this zone Note
Said and done.Note
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Follow me up on twitter! @2Flaw7ess
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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.