Dear readers,
Many thanks for checking out my second ever post on TradingView!
Checking out the patterns and the bigger pictures, it looks like we are due for more correction. Recently Bitcoin has been forming different bearish patterns and it does not look healthy at all. Also, even during the rise where we visited 34 000 35 000 levels, Bitcoin seemed weak and unable to push any further. It looks like we are on the edge of a cliff. All we can do is prepare.
The target of the head and shoulders seems to be 20 000. If that level does not hold I am looking for 17 000 levels. Our last critical support for now is 30 000. Resistance is up at 41 000 but Bitcoin lacks everything it needs to even get close to it, let alone retest it or break it.
In addition, many were thinking of a Wyckoff pattern where 28k was the spring. I think if we break 32k levels, we invalidate that type of Wyckoff pattern playing out and we may look for some kind of accumulation phase lower.
Please, feel free to comment or to give me any feedback. Your opinion matters!
Best regards,
Dennis
PS: This post is just for fun and does not contain any form of financial advise. This post should not be used to take action in the market because doing so may result in a financial loss.
Many thanks for checking out my second ever post on TradingView!
Checking out the patterns and the bigger pictures, it looks like we are due for more correction. Recently Bitcoin has been forming different bearish patterns and it does not look healthy at all. Also, even during the rise where we visited 34 000 35 000 levels, Bitcoin seemed weak and unable to push any further. It looks like we are on the edge of a cliff. All we can do is prepare.
The target of the head and shoulders seems to be 20 000. If that level does not hold I am looking for 17 000 levels. Our last critical support for now is 30 000. Resistance is up at 41 000 but Bitcoin lacks everything it needs to even get close to it, let alone retest it or break it.
In addition, many were thinking of a Wyckoff pattern where 28k was the spring. I think if we break 32k levels, we invalidate that type of Wyckoff pattern playing out and we may look for some kind of accumulation phase lower.
Please, feel free to comment or to give me any feedback. Your opinion matters!
Best regards,
Dennis
PS: This post is just for fun and does not contain any form of financial advise. This post should not be used to take action in the market because doing so may result in a financial loss.