Point of Contention for BTC - A&E, Bullish Cypher, and more
Updated
My recent posts have been forecasting for $7,500-$8,500 BTCUSD, and I still think that is on the table, but perhaps not in the immediate future as we failed to break below the 0.786 fib support. I think we will be looking to complete a bullish cycpher retrace today sometime with my intra-day target being $11,800. I also posted last week about a potential Adam and Eve double bottom forming, but had since thought it was invalid, it's not. I think we will meet resistance at $11,800-$12,000 and from there the market will decide which path to take. If its the bullish A&E pattern, then we will likely see $15,000 before the week is done. If price gets rejected at this point, I think we are back on track for a slippery slope to sub-8k prices by the 26th.
Will continue to update.
*THIS IS NOT TRADING ADVICE*
Will continue to update.
*THIS IS NOT TRADING ADVICE*
Trade active
Need to break above this $12,000 resistance to make our way towards our target. $14,000 looking more realistic now.Trade closed: stop reached
Womp womp
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