Who wants a Bullish chart on BTC? (part 2)
Dear fellow traders,
Let's have a look at my chart.
The big cypher pattern ended around 64xx. From there i predicted a trend reversal. BTC went al up to the 0.618 fib level (9700). From there it formed a bearish cypher pattern (with a top of 10k). It all retraced to the 1.618 level (C-D retracement) to around 7.9 - 8k.
At the moment we are in a falling wedge (the green lines), but also in a bigger rising wedge (the red lines).
I have 2 scenarios:
Scenario 1:
We go further down the green falling wedge to around 7600. From there we move up to the top of the red rising wedge to around 10.6k.
Scenario 2:
We stay in the the red rising wedge and go back to the 0.886 fibinacci level (9k). From there we will have some sidewards movement before we move up to 10.6k.
I am bullish on BTC in short term:
-ABCD pattern (green lines) that ends at 10.6k.
-Hidden bullish divergence on higher timeframes. (red lines on MACD and RSI)
The 10.6k is a very important level to watch. If it break up the rising wedge i have a target of 13.2k. Will it be rejected i have a target of 9k.
Happy trading all.
Let's have a look at my chart.
The big cypher pattern ended around 64xx. From there i predicted a trend reversal. BTC went al up to the 0.618 fib level (9700). From there it formed a bearish cypher pattern (with a top of 10k). It all retraced to the 1.618 level (C-D retracement) to around 7.9 - 8k.
At the moment we are in a falling wedge (the green lines), but also in a bigger rising wedge (the red lines).
I have 2 scenarios:
Scenario 1:
We go further down the green falling wedge to around 7600. From there we move up to the top of the red rising wedge to around 10.6k.
Scenario 2:
We stay in the the red rising wedge and go back to the 0.886 fibinacci level (9k). From there we will have some sidewards movement before we move up to 10.6k.
I am bullish on BTC in short term:
-ABCD pattern (green lines) that ends at 10.6k.
-Hidden bullish divergence on higher timeframes. (red lines on MACD and RSI)
The 10.6k is a very important level to watch. If it break up the rising wedge i have a target of 13.2k. Will it be rejected i have a target of 9k.
Happy trading all.
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