Hey Traders,
Everyone is confused as f^ck with the bitcoin situation, including me, and here I have laid out a possible scenario for this next move.
One thing is clear is we are in a clear downtrend and fighting the 20k ,18k down trend line. We can draw a Inverse H&S on this downtrend line and IF bitcoin is able to complete the formation we could see upside to around 15k .
But if we fail that resistance one more time we can expect to find new lows around 4k and 3k . I have laid it out in this chart and I hope you enjoy!
Heading down to 3k would also complete the ABC correction pattern from 20k to 11k if the correction isnt over.
For the current situation we should see a bounce at around 7,300-7,200 to get to the downtrend line for one more touch at 8,500.
THE ONLY 2 POSSIBILITIES HERE.
-Thank you and trade safe, Toaby
Everyone is confused as f^ck with the bitcoin situation, including me, and here I have laid out a possible scenario for this next move.
One thing is clear is we are in a clear downtrend and fighting the 20k ,18k down trend line. We can draw a Inverse H&S on this downtrend line and IF bitcoin is able to complete the formation we could see upside to around 15k .
But if we fail that resistance one more time we can expect to find new lows around 4k and 3k . I have laid it out in this chart and I hope you enjoy!
Heading down to 3k would also complete the ABC correction pattern from 20k to 11k if the correction isnt over.
For the current situation we should see a bounce at around 7,300-7,200 to get to the downtrend line for one more touch at 8,500.
THE ONLY 2 POSSIBILITIES HERE.
-Thank you and trade safe, Toaby
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