This is an update to my previous analysis as we look for a perfect entry into the next bull run. From my previous analysis, we looked at how a confirmation of the descending which pattern could propel Bitcoin into the 10,000+ range which would set us up nicely for a healthy correction back to the .618 at around 9,500. This could then form of positively sloped pattern. We are still headed in that direction and with the development of some very nice patterns along the way.
Let's talk about those patterns. First of all we have a technical higher low at point C of the orange hypothetical . Looking closely at that candle and into the next few hours, we will be able to determine if it is indeed a . If I confirmed there are next test will be the 9200 range. All previous level still remain intact and the chart demonstrates these pretty well otherwise look at my previous posts and you'll see I follow the same idea on past charts. I did extend the timeframe of the hypothetical pattern to include the hypothetical . Looking to the downside, if we fail to go beyond the 9200 range and fail to form the then we will have a and that would not be good for the bulls. I don't think that is likely but I'm not always right.
I hope this serves as a good educational guide and that can help you with expectations. I wouldn't recommend trading anything here, best to sit back and watch for now. We need to see if these signs confirm before we consider them valid.
Thank you, and please "Thumbs up" if you appreciate or like the analysis. I'm new to TV and want to get my rep up.
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