Inverse C&H formation with handle working to complete soon. Likely a drop to $12,800 within the next 16 hours or so..
Note
If the inverse C&H formation is completed, we will see the completion of the bull trap, which will further drive down the value of Bitcoin, likely to around $11,000.However, the inverse C&H is actually within a large bullish pennant that may break upward. See next update.
Note
Looking at the purple triangle. We had previously broken upward of a bullish flag, which has now turned into a bullish pennant. That bullish pennant shows that we have a target of $45,000. However, the short term shows the inverse C&H, which shows we have a target of around $12k.BTC market is indecisive. A fall could be beneficial for ETH as well as the alt coins, as the value of each alt in respect to the BTC, would be higher. This could mean a great profit time for the next week in alt coins. As those coins settle, people will move back into BTC as a store of value or safe haven, propelling it back upward for the next wave.
Note
Further, we have an Head & Shoulders formation, pointing downward to 
12K or lower. Our 4 hour and daily ichimoku support cloud, still shows support, which may keep us from falling off to $11k or $10k. If we break below the ichimoku support cloud on the daily chart, expect further losses.Note
Well, that just happened.. tip addresses above. ;-)Note
Here comes the bounce, right out of the massive pennant.. wait for it.
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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.