Studying BTC's current correction, there are several patterns that emerge, helping us identify potential BTCUSD trajectory.
Long term, BTC appears to be in a bull flag + an inverse H&S. This is healthy and can potentially shoot BTCUSD upwards of $20k!
Short term, however, there are several indications that we are due to hit $8,700-$8900.
1. Head and Shoulders with $8,700 target
2. Bear flag with $8,900 target
3. Larger time-frame inverse H&S pattern forming right shoulder; coincides with a sub $9,000 bounce.
All of this holds true only if the patterns play out. If FUD or panic selling triggers capitulation, we may go below these levels.
Also, DYOR. None of this is advice on whether to go long or go short. Just sharing a potential perspective on where we could see BTC headed over the coming days.
Long term, BTC appears to be in a bull flag + an inverse H&S. This is healthy and can potentially shoot BTCUSD upwards of $20k!
Short term, however, there are several indications that we are due to hit $8,700-$8900.
1. Head and Shoulders with $8,700 target
2. Bear flag with $8,900 target
3. Larger time-frame inverse H&S pattern forming right shoulder; coincides with a sub $9,000 bounce.
All of this holds true only if the patterns play out. If FUD or panic selling triggers capitulation, we may go below these levels.
Also, DYOR. None of this is advice on whether to go long or go short. Just sharing a potential perspective on where we could see BTC headed over the coming days.