BTC/USD price target if it breaks below its Descending Triangle
BTC/USD is still in a massive Ichimoku W Wave Pattern.
BTC is still in a Descending Wedge Pattern and a Descending Triangle Pattern.
BTC is still in the Bearish Zone of the Ichimoku Cloud.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indication that the mid-point of the short-term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indication that the mid-point of the mid-term momentum is sideways at the moment.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that momentum at the moment is slight upwards but overall ranging sideways.
If BTC breaks below its descending Triangle pattern Using Negative V Calculation a price target of around $9,916 is produced.
V Calculation (Negative)
V= B-(C-B) = D
C $25,160 - B $17,538 = $7,622
B $17,538 - (C-B) $7,622 = $9,916
The above V Calculation is taken from the 1 month chart but I have added it onto this 1 day chart. For your viewing pleasure, below is the BTC/USD 1 month chart.
Notice that we have a timescale pattern of 9 Bars and 17 Bars on the above 1 month chart. 17 Bars takes us to the month of 1st April 2023 but due to crypto volatility, the price target may be achieved much sooner. Note that 9 and 17 are part of the Ichimoku Kinkō Hyō Number Theory.
This is all just my opinion using the Ichimoku System. In any case, i hope this is helpful.
BTC is still in a Descending Wedge Pattern and a Descending Triangle Pattern.
BTC is still in the Bearish Zone of the Ichimoku Cloud.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indication that the mid-point of the short-term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indication that the mid-point of the mid-term momentum is sideways at the moment.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that momentum at the moment is slight upwards but overall ranging sideways.
If BTC breaks below its descending Triangle pattern Using Negative V Calculation a price target of around $9,916 is produced.
V Calculation (Negative)
V= B-(C-B) = D
C $25,160 - B $17,538 = $7,622
B $17,538 - (C-B) $7,622 = $9,916
The above V Calculation is taken from the 1 month chart but I have added it onto this 1 day chart. For your viewing pleasure, below is the BTC/USD 1 month chart.
Notice that we have a timescale pattern of 9 Bars and 17 Bars on the above 1 month chart. 17 Bars takes us to the month of 1st April 2023 but due to crypto volatility, the price target may be achieved much sooner. Note that 9 and 17 are part of the Ichimoku Kinkō Hyō Number Theory.
This is all just my opinion using the Ichimoku System. In any case, i hope this is helpful.
Comment:
$12K to $9K is still in Play for BTC. Remember that we are still in a recession and Cryptos are traded assets.