BTC : Inverse head and shoulders, target 330K ?
We have just completed a 7-month uncorrected rise to 74k. At this level, the weekly RSI showed a point of resistance.
Recently, at the 67k level, the moving averages, stochastics and daily RSI provided an excellent short-term trend reversal point, which could very easily be anticipated.
The monthly RSI, too close to resistances, also indicated the need for a healthy correction and stabilization on the part of the king of cryptos, in order to be able to pursue a sufficiently long and appreciable bullrun part 2 and not a flash in the pan.
This consolidation would not prevent an alt season from starting quietly once BTC has found its lowest point (the 45-48k zone is ideal), which could be found fairly quickly over the next few weeks.
It's possible that the strong hands will attempt an extreme low wick to try to get the smaller investors out of the market, generally we'll hear the youtubers go bearish with headlines like “Bitcoin in Danger / Bear Market?” and this will be the absolute time to strengthen positions, then Jamie Dimon will have been able to load all his bags at a good price, and will say he was wrong, that bitcoin is great and we'll be trending towards the pattern target I'm presenting.
It's worth noting that ethereum is beginning to look stronger than btc, with the ETH/BTC pair showing a weekly bullish divergence currently in formation (yet to be validated).
So, my scenario is therefore one of inverted head and shoulders, with a right shoulder forming at current levels.
This structure will easily provide the momentum needed to win the battle against the 100k resistance, unlike if we'd tried it now and not braked immediately.
Don't forget that there are huge, highly anticipated crypto projects coming out in the last quarter, and the big hands want a long bullrun. These big projects don't want to launch on a cycle top.
You might think everyone will take profits at 120K, but I think the media hype around breaking the 100K barrier will lead to a massive influx of retail investors and huge investors through ETFs, making this level easily surpassable.
This bull run will probably go down in history!
Cheers!
Btc / Eth / Dosu (Doginal Kabosu on DRC20) investor.
Dosu is the bet I'm making as the Shiba of this cycle.
Crypto friend since 2017
Recently, at the 67k level, the moving averages, stochastics and daily RSI provided an excellent short-term trend reversal point, which could very easily be anticipated.
The monthly RSI, too close to resistances, also indicated the need for a healthy correction and stabilization on the part of the king of cryptos, in order to be able to pursue a sufficiently long and appreciable bullrun part 2 and not a flash in the pan.
This consolidation would not prevent an alt season from starting quietly once BTC has found its lowest point (the 45-48k zone is ideal), which could be found fairly quickly over the next few weeks.
It's possible that the strong hands will attempt an extreme low wick to try to get the smaller investors out of the market, generally we'll hear the youtubers go bearish with headlines like “Bitcoin in Danger / Bear Market?” and this will be the absolute time to strengthen positions, then Jamie Dimon will have been able to load all his bags at a good price, and will say he was wrong, that bitcoin is great and we'll be trending towards the pattern target I'm presenting.
It's worth noting that ethereum is beginning to look stronger than btc, with the ETH/BTC pair showing a weekly bullish divergence currently in formation (yet to be validated).
So, my scenario is therefore one of inverted head and shoulders, with a right shoulder forming at current levels.
This structure will easily provide the momentum needed to win the battle against the 100k resistance, unlike if we'd tried it now and not braked immediately.
Don't forget that there are huge, highly anticipated crypto projects coming out in the last quarter, and the big hands want a long bullrun. These big projects don't want to launch on a cycle top.
You might think everyone will take profits at 120K, but I think the media hype around breaking the 100K barrier will lead to a massive influx of retail investors and huge investors through ETFs, making this level easily surpassable.
This bull run will probably go down in history!
Cheers!
Btc / Eth / Dosu (Doginal Kabosu on DRC20) investor.
Dosu is the bet I'm making as the Shiba of this cycle.
Crypto friend since 2017