It looks like BTC
is forming an H&S
pattern! we broke the downtrend resistance weeks ago! my target right now is 7.7k to conclude the right shoulder.7.7 k is a really strong support as there is a confluence of resistance and support of 3 different fib level and different time frame. all the targets in this chart as you can see are all confluence of more Fibonacci levels (res/sup). Right now we have broken the Ichimoku cloud
1D, which suggest a small deep. In the same time, the rsi
is getting more overbought day by day with a confirmation of the stoch rsi
. I choose the line chart as i believe in case of patterns and divergence is more precise as it draws only the actual close of the day instead of the shadow swings of the candlesticks
which can deviate the research. my long target is 11.8k. overall the market sentiment is positive with the end of the NY consensus meeting, with the speech from leaders in the crypto and finance world, all preaching good future to the new market! jJP Morgan and Goldman opening a crypto trading desk, China released a list of top 20 blockchains (this are only a few of the positive news). it is unlikely we will see a deep lower than 7.7k and i see as lower target 7.2k. also, on the 1D a green spinning top
candle has formed which is usually a sign of a bullish
reversal. I am sorry if it looks messy but i believe the raw chart would better support my hypothesis.
P.S. Perma-bear please stop saying BTC
will go down to 3k as there is not bias to sustain a deep to 3k. the approach to the charts should be objective without prejudice, if you approach the chart with the idea to sustain your theory you will likely end up losing money, time and credibility.
Short term 7.7k (slightly bearish
Long-term Bullish AF
Crypto dunk (no financial advice)