What we are looking on Bitcoin are more continuation patterns
The outlook suggest a breakdown to 18k now or a pullback into the 35k range first to suck in more liquidity then sell down to 18k
20k is the Key Level or real trading range but we expect an overshoot into the mid 18k before popping above 20k
Macro view we have our super obvious head and shoulders with a huge Bear flag asking for lower prices.
The Bearish Pennant forming at the 30k isnt a strong probability pattern so nothing to get excited about and hence why we still have 35k on the map, but the rug pull is most likely still coming and what were planning for.
Price has struggled with the 30k level for a while. Not a good sign for the bulls.
Note: 18k/20k is NOT a strong level. Dont expect that level to hold very long when we reach there. 8-12k is the next real region for BTC. As we move into this recession/depression Its not going to favor tech stocks and crypto. However we are excited to accumulate at the bottom to begin the eventual new cycle.
The outlook suggest a breakdown to 18k now or a pullback into the 35k range first to suck in more liquidity then sell down to 18k
20k is the Key Level or real trading range but we expect an overshoot into the mid 18k before popping above 20k
Macro view we have our super obvious head and shoulders with a huge Bear flag asking for lower prices.
The Bearish Pennant forming at the 30k isnt a strong probability pattern so nothing to get excited about and hence why we still have 35k on the map, but the rug pull is most likely still coming and what were planning for.
Price has struggled with the 30k level for a while. Not a good sign for the bulls.
Note: 18k/20k is NOT a strong level. Dont expect that level to hold very long when we reach there. 8-12k is the next real region for BTC. As we move into this recession/depression Its not going to favor tech stocks and crypto. However we are excited to accumulate at the bottom to begin the eventual new cycle.
Trade closed: target reached:
first target reached on BTC. Will provide an updated chart for the next move down
Comment:
Looking for another big bearish move on Bitcoin and most of crypto soon. Will update with a new idea