Before reading this, you may want to read my previous idea as this is a continuation:
This also contains lots of updates, so you may want to read it all for the possible story of 13k Bitcoin
As mentioned in the previous idea, if we form the inverse head and shoulders, the target is 48k.
Zooming out to 4h chart (See MAIN/FIRST chart above), we recently got rejected in the SuperTrend resistance line (39.6k the red line). If we manage to pump to 48k, we may see resistance again in the 200 MA (currently around 49k but will go down every 4 hrs)
This also contains lots of updates, so you may want to read it all for the possible story of 13k Bitcoin
As mentioned in the previous idea, if we form the inverse head and shoulders, the target is 48k.
Zooming out to 4h chart (See MAIN/FIRST chart above), we recently got rejected in the SuperTrend resistance line (39.6k the red line). If we manage to pump to 48k, we may see resistance again in the 200 MA (currently around 49k but will go down every 4 hrs)
Kommentar:
Speaking of dumps, here's how I got the potential target, 26.3k, if we manage to go down.
Before the 30k dump, we can see that if we use Fib Retracement from swing low 48.9k to swing high 59k (note I based on the body of the candle and not the wick), we have a target dump of 42.8k (1.618 level) and 32.9k (2.618 level). We manage to go down to the 2.618 level and even further down.
If we do the same scenario that MAY happen in the future, we can use Fib Retracement from swing low, around 34.5k (note again this is based on the body of the candle and not the wick) and POTENTIAL swing high at 48k (the target of our inverse H&S). We get 26.3k (1.618 level) and 12.8k (2.618 level). What's more interesting is that the 12.8k level is where the 200 weekly MA currently resides
Speaking of dumps, here's how I got the potential target, 26.3k, if we manage to go down.
Before the 30k dump, we can see that if we use Fib Retracement from swing low 48.9k to swing high 59k (note I based on the body of the candle and not the wick), we have a target dump of 42.8k (1.618 level) and 32.9k (2.618 level). We manage to go down to the 2.618 level and even further down.
If we do the same scenario that MAY happen in the future, we can use Fib Retracement from swing low, around 34.5k (note again this is based on the body of the candle and not the wick) and POTENTIAL swing high at 48k (the target of our inverse H&S). We get 26.3k (1.618 level) and 12.8k (2.618 level). What's more interesting is that the 12.8k level is where the 200 weekly MA currently resides
Kommentar:
Zooming out FUUUURTHER at 1w chart. Just so you know, the 200 weekly MA (thicc yellow line) is our support on bear markets. We always get support in that MA (sometimes may go down but immediately goes back up)
Also, the SuperTrend indicator in the weekly chart indicates a sell signal since we had the buy signal on July 2020.
Zooming out FUUUURTHER at 1w chart. Just so you know, the 200 weekly MA (thicc yellow line) is our support on bear markets. We always get support in that MA (sometimes may go down but immediately goes back up)
Also, the SuperTrend indicator in the weekly chart indicates a sell signal since we had the buy signal on July 2020.
Kommentar:
With this bearish TA, it doesn't mean that this will happen now but there's a possibility. Again, as mentioned earlier, if we manage to stay above the 21 weekly EMA, we may continue the pump and make new ATH.
Even if we go down to 12k-13k Bitcoin, it's a good time again to accumulate.
NFA.
Even if we go down to 12k-13k Bitcoin, it's a good time again to accumulate.
NFA.
Zooming our further to 1d, if we manage to pump to 48k, we will be above the 21W EMA - 44.8k (the thicker blue line - which, we know, is an important support in bull markets). In my opinion, if we do sideways movement between 45k and 52k in the new few days or in 2 weeks, I think it's still bullish and we may continue pumping and create new ATHs.
Still, we have this possibility that we will get rejected in the 48k level dump to 26.3k.