We can see here that Bitcoin has broken the neckline of the HS formation and is on its way to the target of 36000 USD. Currently, the price can rise to the upper of the bearflag. However, I expect resistance at the upper of the after which BTC will move deeper again.
We also see that the target of the HS 36000 is an important fib level. If the price falls through there, BTC will irrevocably move towards USD 29-30,000.
The has increased a lot in the declines and that is again a sign. Also compare the in my previous analysis. So the total BTC is very low compared to the beginning of 2021. Since the total Crypto market cap is around 2 trillion, this is clearly due to the ALT coins. If BTC should drop further below the HS 36000 target, we can expect a huge acceleration in ALTS sales. ALTS have more return than BTC but also much more loss when falling. So beware and place tight stops here especially until the downward trend in BTC is over.
In case Bitcoin breaks out upwards in the , we may hit the upper of the bearflag. However, this is not a sign yet but a possible continuation of the . Only when BTC closes with a day candle above the right shoulder can the negative trend be reversed. However, a higher low would then be required. So a lot has to happen to get back into a safe , but it is all very possible. It is important to take small steps as a trader. Bitcoin will not go to 100k in the short term, but it will not go to 10k either. It is all gradual and the idea is to follow the trend.
After reaching the Target I will come up with a new analysis or if we break out above the right shoulder. Between these 2 levels this analysis remains perfectly valid.
Good stops are very important as well as position sizing and risk management.
Please share your thoughts and idea’s below dear friends. What do you think and why do you think it with or without a chart.
I wish you a lot of success and especially a lot of profit!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
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