On this chart we have 4 technical reasons to support why btc is falling and how far down it is expected to go. I will start with the biggest pattern which is a algorithmic pattern that completes at the orange zone between 32000 -30100 this algorithm has a very strong effect on the market and can potentially take btc prices back to 3,000 area. however we also have 3 other patterns that can possibly offer btc support to prop prices up again, the first of which is a WXY corrective pattern that will complete at approx 27,680, at that level we will watch for an aggressive move up that does not retest the low at approx 27680 once there is no retest we can stay long, however if there is a retest of the low we can sell to the next level at approx 25362 which completes the small head and shoulder pattern's profit target at this level we will look for a strong bounce to the upside that does not retest the low at approx 25362 if this low is retested we will look to the next pattern profit target which is a bogger head and shoulder pattern that has a profit target at approx 15785 at this level we will look for a strong bounce without a retest once there is a retest we will have no choice but to expect btc to fall to approx 3,000 area based on the big algorithmic pattern.
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right now it looks like we got a strong move up from 28,812.59 which is close enough to the 27,680 completion area for the wxy bullish corrective pattern, if price breaks the high of 32,10673 i would take that as a signal to buy and hold however if the low of 28,812.59 is broken i will exit the buy and expect price to fall lower to our next target which would make price more bearish.
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next profit target 38,700
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btc seems to have changed formation back to bearish so from here no longs wait for the sell confirmation.
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long to 38,750