Bitcoin Panic!
Zaktualizowano
Let's not panic, Bitcoin still oscillating in a channel with a gentle slope. If you followed my last analysis, you would have known that after Bitcoin was rejected by the long-term blue line (yellow circles), a downtrend wave has been started. Now it seems that another harmonic pattern, like the one at the beginning of the channel, is forming. The right leg of this harmonic pattern might take another downtrend wave; have to wait for the blue dashed line on the right leg to break for the first confirmation.
If the bottom of the channel break, then we can panic :)
Just kidding,
when the lowest blue line breaks, then we panic; since Bitcoin can go down as low as 30K :|
If the bottom of the channel break, then we can panic :)
Just kidding,
when the lowest blue line breaks, then we panic; since Bitcoin can go down as low as 30K :|
Komentarz
Well, a no panic situation happened. After the harmonic pattern ended, the impulse wave started. This impulse wave, 70% of the time, can reach the trough (yellow arrow) of the harmonic pattern which is located in a resistance area (purple). There is also a thick blue line that has behaved as resistance before. So, if you are a swing trader be careful about the retracement wave from these areas.
Komentarz
So, as stated, retracement happened; although much sooner. Even though Bitcoin reacted to the channel's second line for the third time, It is too soon to figure out what will be Bitcoin's next move. Although, it seems a Head and Shoulders pattern is forming as well as a harmonic pattern.
Komentarz
The Head and Shoulders pattern clearly didn't happen. As stated before, It is too soon to figure out what will be Bitcoin's next move. Another early idea: there might be an inverted wedge forming and thus another minor upward wave must occur.
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