BITCOIN - BTC - VERY IMPORTANT LEVELS TO KEEP IN MIND!Hello Traders,
I have created a comprehensive roadmap on this 8 hour chart from Bitcoin with targets and support for the short to medium term.
Scroll down or up the price scale onthe right for all support and resistance levels.
Below is the description but be sure to remember the very important levels. 64651 and 51724 (ultimate 47674. Bitcoin drives the entire Crypto market so always consider these in your decisions.
These are in my opinion the 3 most important scenarios that are going to happen and completely depend on which horizontal support or resistance is broken. Is Bitcoin going to make new all time highs or are we going to go into a deeper correction. So it all depends on what happens next in the short term.
A Breakout Above 64651 is Bullish for the medium term and a breakout below 51724 medium term Bearish. A breakout below Support 4 at 47674 almost certainly leads to much lower price targets.
Scenario 1:
The 1st target at 60678 is broken by BTC and immediately validates the inverse head shoulder pattern. 1st target is then 68953 USD but ONLY if resistance 64651 (the old all time high) is broken! Next, the upside targets are then:
Target 2 64,651 USD
Target 3 68,953 USD
Target 4 74,750 USD
Target 5 82,627 USD
Target 6 104,623 USD
Scenario 2:
Bitcoin stays between 60678 and 51724/ So this is a sideways trend. We can then easily move between these 2 levels for a longer period of time and profit from sideway market techniques.
Keep in mind that if we don't get above the old all time high we can therefore also get a double top which is extremely bearish.
Scenario 3:
Bitcoin breaks the important support level 2 at 51724 after which we immediately set a lower low.
This then also immediately confirms the right shoulder of a much larger head shoulder pattern (see previous analysis of Bitcoin) and we see the following targets to the downside coming into view.
Support 3 49,592 USD
Support 4 47,674 USD
Support 5 44,477 USD
Support 6 40,640 USD
Ultimate Support 7 29,557 USD
Bitcoin is the king of crypto currencies. If it drops slowly or stabilize then the ALTS can go much higher. Does Bitcoin fall fast then the whole market goes down. If Bitcoin rises faster and more aggressively then the ALTS could face a correction.
You can come back each time when you want to easily see where we are in this roadmap.
This is purely my own outlook on Bitcoin and therefore no trading advice. Definitely always do your own research when trading!
