Bitcoin to 42k? Will this descending wedge pattern play out?
As you can see on the last analysis on this 4 hour log chart on Binance BTC/USD (link below), had you used the indicators I spoke about, you would of seen the crash from 58k happening. You may not have got the full meat out of selling at 58k but around 50-55k (yellow down arrow) is where you could of sold using those indicators discussed in that analysis.
I posted a privately published analysis explaining about a short to 41.5k with the first target at 46k for my gold level members on my website. While other analysts were calling for Bitcoin to rise to 65, 70 or even 100k, I stick to my long term analysis view (can be seen on my BLX charts right here on TV) and expect a retrace either Feb, Mar or April as discussed in these long term BLX charts.
Now, onto this descending wedge pattern shown here by the lime green trendlines.
You can see the light blue horizontal line is support/resistance.
You can see BTC is retracing perfectly every 15 bars on it's way down the wedge shown by the purple time zones. You can also see BTC is retracing perfectly at each top on it's way down the wedge shown by the yellow time zones.
If BTC plays out as per these parameters the white arrows will show the way BTC should move.
Of course there is always another course for BTC and that is if it breaks out right here at this test of the top of the lime green trendline. On this 1 hour chart you can see BTC is currently trying to break above the Ichimoku Cloud. It did this previously as you can see on the chart but rejected at the yellow moving average line MA 100 and the lime green trendline. If BTC can break out here and get above these indicators I just mentioned it's next major obstacle would be the white zigzag moving average line MA 144 on the 1 hour chart.
I believe in the trend is your friend and on the lower time frames this is the trend, downwards. Until BTC shows us otherwise, it will keep making lower highs and lower lows.
Let's see how this analysis plays out as per the parameters mentioned above.
Now you have read this, hit like and let me know your thoughts below.
Happy trading legends!
HTBB
Take a look at my other charts and analysis below to see my unbelievable correct analysis record. If this kind of analysis interests you and you want more than just 1 or 2 correct chart analyses every month or so, check out my website and become a member.
P.S. Apologies this is 2 hours late as you can see by the 1 hour chart time. I had some unexpected matters I had to attend to which is quite rare for me to be dragged away from the markets. I was trying to get this out when BTC was over 46k.
I posted a privately published analysis explaining about a short to 41.5k with the first target at 46k for my gold level members on my website. While other analysts were calling for Bitcoin to rise to 65, 70 or even 100k, I stick to my long term analysis view (can be seen on my BLX charts right here on TV) and expect a retrace either Feb, Mar or April as discussed in these long term BLX charts.
Now, onto this descending wedge pattern shown here by the lime green trendlines.
You can see the light blue horizontal line is support/resistance.
You can see BTC is retracing perfectly every 15 bars on it's way down the wedge shown by the purple time zones. You can also see BTC is retracing perfectly at each top on it's way down the wedge shown by the yellow time zones.
If BTC plays out as per these parameters the white arrows will show the way BTC should move.
Of course there is always another course for BTC and that is if it breaks out right here at this test of the top of the lime green trendline. On this 1 hour chart you can see BTC is currently trying to break above the Ichimoku Cloud. It did this previously as you can see on the chart but rejected at the yellow moving average line MA 100 and the lime green trendline. If BTC can break out here and get above these indicators I just mentioned it's next major obstacle would be the white zigzag moving average line MA 144 on the 1 hour chart.
I believe in the trend is your friend and on the lower time frames this is the trend, downwards. Until BTC shows us otherwise, it will keep making lower highs and lower lows.
Let's see how this analysis plays out as per the parameters mentioned above.
Now you have read this, hit like and let me know your thoughts below.
Happy trading legends!
HTBB
Take a look at my other charts and analysis below to see my unbelievable correct analysis record. If this kind of analysis interests you and you want more than just 1 or 2 correct chart analyses every month or so, check out my website and become a member.
P.S. Apologies this is 2 hours late as you can see by the 1 hour chart time. I had some unexpected matters I had to attend to which is quite rare for me to be dragged away from the markets. I was trying to get this out when BTC was over 46k.
Comment:
Interesting so far. If you haven't noticed before, I usually post at crucial moments in markets. This is one of those times.
Comment:
As per private analysis
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