BTC UPDATE - 2 Potentials for Correction Pattern
Bitcoin has broken down 2 major bearish trendline.
These are two potential paths so long as these trendlines are being respected. This far they have been.
Scenario 1 (Most likely)
60,400 - Drop to 31,000 to 35,000
Retrace to 47,000 to 49,000 (Retest of the more significant breakdown line)
Drop from 49,000 to 6,000 to 10,000
Scenario 2 (If Bitcoin rises from 60,700)
Retest trendline at 61,500
Drop from there to the above pattern or straight to 7,000 (the measured move of that rising wedge)
Enjoy and happy trading!
These are two potential paths so long as these trendlines are being respected. This far they have been.
Scenario 1 (Most likely)
60,400 - Drop to 31,000 to 35,000
Retrace to 47,000 to 49,000 (Retest of the more significant breakdown line)
Drop from 49,000 to 6,000 to 10,000
Scenario 2 (If Bitcoin rises from 60,700)
Retest trendline at 61,500
Drop from there to the above pattern or straight to 7,000 (the measured move of that rising wedge)
Enjoy and happy trading!
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.