Traders and investors,
Bitcoin has been causing a lot of confusion among traders and investors. So let's break it down and understand.
1. in June 2022 (1 year ago) Bitcoin broke out of the 30000 price tag but never retested that.
2. This year it formed a W pattern to reach that level and retest it.
3. The price reached 30000 this year and completed that W pattern. When a W pattern "completes" the market goes down. So Bitcoin started to fall from there.
4. It reached its target level of Fibonacci 38.2 which was also a good confluence of Structure and Trend Line
5. This formed a flag pattern.
6. Currently the price is supported by the trend line and moving slowly inside the flag
7. This has been going on for quite some time now. So a breakout is imminent.
8. If it breaks out to the downside it can fall further to foran M pattern around 21477
9. If it breaks above the previous high of 31163 and confirms then it will become bullish and can target a bigger W pattern completing around 36783 and a better W pattern at 41000.
10. Caution: Until the breaks and confirms the previous high of 31163 there will still be a chance of it falling down to complete the M pattern as pointed out in point 8 above.
Please support this analysis by liking and sharing. 👍🙂
Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too
✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
✅ Follow me for future ideas, trade setups, and updates on this analysis
✅ Don't hesitate to share your ideas, comments, opinions, and questions.
Take care and trade well
-Vik
____________________________________________________
📌 DISCLAIMER
The content of this analysis is subject to change at any time without notice and is provided for the sole purpose of education only.
Not financial advice or signal. Please make your own independent investment decisions.
____________________________________________________
Bitcoin has been causing a lot of confusion among traders and investors. So let's break it down and understand.
1. in June 2022 (1 year ago) Bitcoin broke out of the 30000 price tag but never retested that.
2. This year it formed a W pattern to reach that level and retest it.
3. The price reached 30000 this year and completed that W pattern. When a W pattern "completes" the market goes down. So Bitcoin started to fall from there.
4. It reached its target level of Fibonacci 38.2 which was also a good confluence of Structure and Trend Line
5. This formed a flag pattern.
6. Currently the price is supported by the trend line and moving slowly inside the flag
7. This has been going on for quite some time now. So a breakout is imminent.
8. If it breaks out to the downside it can fall further to foran M pattern around 21477
9. If it breaks above the previous high of 31163 and confirms then it will become bullish and can target a bigger W pattern completing around 36783 and a better W pattern at 41000.
10. Caution: Until the breaks and confirms the previous high of 31163 there will still be a chance of it falling down to complete the M pattern as pointed out in point 8 above.
Please support this analysis by liking and sharing. 👍🙂
Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too
✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
✅ Follow me for future ideas, trade setups, and updates on this analysis
✅ Don't hesitate to share your ideas, comments, opinions, and questions.
Take care and trade well
-Vik
____________________________________________________
📌 DISCLAIMER
The content of this analysis is subject to change at any time without notice and is provided for the sole purpose of education only.
Not financial advice or signal. Please make your own independent investment decisions.
____________________________________________________
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🔴 Training: bit.ly/vikinsacorestrategyprogram
🟣 YouTube : www.youtube.com/vikinsa
🟡 Twitter: twitter.com/vikinsa
🔴 Reviews: bit.ly/VikinsaTrustPilotViews