Bitcoin to the bottom or up towards USD 42-50000?
Bitcoin to the bottom or up towards USD 42-50000?
Dear friends,
Here is a new scenario what could possibly happen if Bitcoin can hold the 0.618 Level. Does Bitcoin fall through this then this scenario will expire and we will see 30-31000 USD soon!
So if this 0.618 bottom holds then we could rebound to the neckline of this newly forming inverted head shoulder formation. Currently Bitcoin is forming the right shoulder. This pattern will remain valid as long as we do not drop below 34000 USD.
A 1st target is the neckline to about 42500 USD. Does Bitcoin break this then we are looking at 50000 USD level.
This is a possible idea dear friends, not a prediction just a possible scenario if the bottom can hold at 0.618. Bitoin can fall fast but also rise fast. This is evidenced by the price movement of the last month. We have inflation in the US and Europe, trillions of Euros and Dolalrs are being printed as if it were toilet paper. The debts in the US and Europe have never been so high and can never be reduced again. Gold was a good investment against inflation but Bitcoin is the new gold of the 21st century. That's because the bitcoins that can be mined are limited, so not like Dollars and Euros. Bitcoin is also coming soon with a network upgrade that will make transactions faster.
The big banks like Goldman and Sachs are lyrical about Bitcoin. Not hard to undserstand, they can manipulate and make big money with it!
Let's see how this will play out with Bitcoin. So drop below 34500 and then to 29-30000 or a rise to 42000 and then on a breakthrough towards 50000 :-)
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Dear friends,
Here is a new scenario what could possibly happen if Bitcoin can hold the 0.618 Level. Does Bitcoin fall through this then this scenario will expire and we will see 30-31000 USD soon!
So if this 0.618 bottom holds then we could rebound to the neckline of this newly forming inverted head shoulder formation. Currently Bitcoin is forming the right shoulder. This pattern will remain valid as long as we do not drop below 34000 USD.
A 1st target is the neckline to about 42500 USD. Does Bitcoin break this then we are looking at 50000 USD level.
This is a possible idea dear friends, not a prediction just a possible scenario if the bottom can hold at 0.618. Bitoin can fall fast but also rise fast. This is evidenced by the price movement of the last month. We have inflation in the US and Europe, trillions of Euros and Dolalrs are being printed as if it were toilet paper. The debts in the US and Europe have never been so high and can never be reduced again. Gold was a good investment against inflation but Bitcoin is the new gold of the 21st century. That's because the bitcoins that can be mined are limited, so not like Dollars and Euros. Bitcoin is also coming soon with a network upgrade that will make transactions faster.
The big banks like Goldman and Sachs are lyrical about Bitcoin. Not hard to undserstand, they can manipulate and make big money with it!
Let's see how this will play out with Bitcoin. So drop below 34500 and then to 29-30000 or a rise to 42000 and then on a breakthrough towards 50000 :-)
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Comment:
I have here a screenshot from the RSI where this low readings was also the bottom.
Comment:
Here's another interesting thing.
Bitcoin has broken through the 34223 down 5 times on this month. But what's the case?
At worst, the price was back above 34223 within 1 day and 14 hours!
The lesson that this 34223 is a very important level which is not easily broken permanently. All these times the price returned above and closed much higher!
Bitcoin can make huge moves intraday but this chart proves that it is often better not to use intraday stops because you will get stopped out and the price will immediately fly the other way without you!
Bitcoin has broken through the 34223 down 5 times on this month. But what's the case?
At worst, the price was back above 34223 within 1 day and 14 hours!
The lesson that this 34223 is a very important level which is not easily broken permanently. All these times the price returned above and closed much higher!
Bitcoin can make huge moves intraday but this chart proves that it is often better not to use intraday stops because you will get stopped out and the price will immediately fly the other way without you!
Comment:
Inverted Head and shoulders for our bullmarket ;-)
Dear friends,
What do you think of this chart (the last one for today ;-)
Dear friends,
What do you think of this chart (the last one for today ;-)
Comment:
Update:
Here's how it might go:
Here's how it might go:
The Rsi on the 2 hour chart was only 2 times as low as it is right now.
That was on 19th of May and 8th of June. Both where a perfect bottom.
And now we are at 32 that is the third time. Also the trendline on 12 hour RSI is not broken! That is interesting to know!
Good luck dear friends and please share your idea's and comments!