Bitcoin is pointing towards a bear market rally, a much needed rally if our current weekly candlestick eats away at the bearish wick before Sunday Feb 13th new weekly candle plots.
Stock markets have been on a roar until
Recently abs relatively stocks have not dropped a lot, with Ukrainian stuff lingering it could hurt stocks. But the news has now caused market participants to price in an all out invasion of
ARussiam
Into the Ukrainian, anything other than an invasion (if they back down, or linger and don’t invade or there’s peace somehow ) then the markets will revert up.
But regardless of what happens there I’m convinced Bitcoin and other cryptos are due and will get a bear market rally. Unlike stocks Cryptos have been dropping a lot more. I am a pure t cynical
Analyst abs going off the weekly chart we do have a head abs shoulders pattern, but we are at a bounce area with an “almost” morning star bullish candle formation
On the weekly confirmed at last Sundays weekly close. Our current weeks candle has a big bearish wick and if bulls push us up to 43,500-44,000+ before tomorrows weekly candle close on Bitcoin, I see us rising towards $50,000 within the next week or two.
I plotted two Fibonacci ratio plots from the relative recent high to low, the blue one is using the candle bodies and the green Fibonacci plotting uses the wicks or intraweek extreme levels.
If you follow Riot Arocl if this plays out, I see Riot at $22-$23 pps by next Friday and $27-$34 within the next month
If we close
Our week at <$41,000-$41,500 we can see sideways action for
A whole but I only place a 10-15% chance of this happening- I’m bullish until $52000-$57000 on Bitcoin.
Stock markets have been on a roar until
Recently abs relatively stocks have not dropped a lot, with Ukrainian stuff lingering it could hurt stocks. But the news has now caused market participants to price in an all out invasion of
ARussiam
Into the Ukrainian, anything other than an invasion (if they back down, or linger and don’t invade or there’s peace somehow ) then the markets will revert up.
But regardless of what happens there I’m convinced Bitcoin and other cryptos are due and will get a bear market rally. Unlike stocks Cryptos have been dropping a lot more. I am a pure t cynical
Analyst abs going off the weekly chart we do have a head abs shoulders pattern, but we are at a bounce area with an “almost” morning star bullish candle formation
On the weekly confirmed at last Sundays weekly close. Our current weeks candle has a big bearish wick and if bulls push us up to 43,500-44,000+ before tomorrows weekly candle close on Bitcoin, I see us rising towards $50,000 within the next week or two.
I plotted two Fibonacci ratio plots from the relative recent high to low, the blue one is using the candle bodies and the green Fibonacci plotting uses the wicks or intraweek extreme levels.
If you follow Riot Arocl if this plays out, I see Riot at $22-$23 pps by next Friday and $27-$34 within the next month
If we close
Our week at <$41,000-$41,500 we can see sideways action for
A whole but I only place a 10-15% chance of this happening- I’m bullish until $52000-$57000 on Bitcoin.
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.
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.