Bitcoin retracing before mooning?
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So, overall Bitcoin is showing a few bullish signs.
I believe that the drop from 20k to 5,8k formed corrective ABC Waves.
If that's the case, we can expect impulsive waves higher.
Furthermore, BTC seems to be forming an inverted H & S pattern.
If Bitcoin manages to breakout the neckline (around 11,3k), 17k is a likely scenario.
Hard to say when exactly, but for sure not immediately.
If the breakout fails yet again, I expect a healthy retrace to the 0.618 FIB level, which would be around 8,2k.
What concerns me for the most part is the low volume.
We need fresh money coming in, if we want a proper breakout towards the upside.
Feedback is highly appreciated
Regards
I believe that the drop from 20k to 5,8k formed corrective ABC Waves.
If that's the case, we can expect impulsive waves higher.
Furthermore, BTC seems to be forming an inverted H & S pattern.
If Bitcoin manages to breakout the neckline (around 11,3k), 17k is a likely scenario.
Hard to say when exactly, but for sure not immediately.
If the breakout fails yet again, I expect a healthy retrace to the 0.618 FIB level, which would be around 8,2k.
What concerns me for the most part is the low volume.
We need fresh money coming in, if we want a proper breakout towards the upside.
Feedback is highly appreciated
Regards
Komentarz
Potential H & S forming on the 5 Min. Chart.
RSI is showing a bearish divergence as well.
If H & S plays out, a retrace to the 0.5 fib level (10,7k) can be expected.
Komentarz
Komentarz
You should never stick with one prediction.You need to adjust to the market behavior.
Check my new idea:
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