Price has advanced to the Kijun Sen (white equilibrium line) and is looking bullish on lower timeframes. The trend is clearly bullish as price is trading above the Kumo Cloud and if we see recent high taken out at 16480, a higher low is in place at 12050. Strong resistance sits at 16000-16300. If price fails to breach the Kijun Sen at 15413 price may pull back to retest the just broken Monthly pivot point at 14300 or below that the stronghold support/resistance at 14000.
Here follows an extensive analyse of scenarios based on chart harmonics I found. It clutters the chart but may be useful for Bulls who are trying to find targets to take profit.
A conservative Bull will wait for price to take out B and enter long on a retest, at least this is a classical approach. Regular dip buyers are likely already long, as well as long term holders. Note the white ABCD pattern of which the first leg, is the CD leg in a previously posted Cypher pattern with target at 18000 sharp. A nice harmony is revealed if the retracement reaches 16000, and we see an identical leg up which perfectly aligns with the D level of the green pattern (The Bat pattern), AND both these levels are in confluence with the new Yearly R1 pivot at 22100. So to put it all together, if price breaches the B level at 16480 chances are good that the 22000 level is the next target. Of course, the target of the Cypher at 18000 could be slightly extended to incorporate a test of the Monthly R1 at 19200, which would ideally see a bigger retracement, if the 16000 level will be the strong support (red line). This would be logical because traders would become nervous about price being unable to take out the X (all time high) which would lead to a sharper sell off.
So what is the darker picture for Bulls? If price fails to breach the B level at approximately 16500 and comes right back down to close below the Monthly pivot point at 14300 or even enters the Cloud, it would signal weakness. Especially if price close below the 14000 support and resistance level it could accelerate a sell off and result in a taking out of the critical C level at 12050 which would erase both the Cypher and the Bat pattern, and likely lead to a test of the yet untraded Yearly pivot point at 11440 and below that the Monthly S1 at 8950. Pivot traders at this timeframe are likely nervous about having an untraded Yearly pivot point below price action and they would likely take a more conservative approach, entering long at this time. Personally I am long since 12200 and the triggering of the Cypher, and plan to take off a third at 18000 and another third at 22000, if all goes as planned (which they not always do). I will not sell though, even if price takes out the 12000 or even reaches the 9000 level since a third of my BTC are long term investment and the odds are too low that the coin will turn into a dead star.