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BTC is down at 63k, is there still hope for the bulls?
Let's check the chart again 👇
SHORT TERM forecast:
😬 Ascending triangle in the 1H chart was invalidated when candles fell below the 66k zone.
😬 Bullish cup and handle pattern in the 1H and 4H chart was likewise invalidated when price action slumps to the 63k zone.
😬4H KDJ oscillator detected panic selling around the 63k price point. Sadly, in the next few hours, there may still be a quick drop below 63k to pacify the sell volume.
❤️ The huge falling wedge pattern in the 1H, 4H and 6H chart is still valid. Candles are still moving within the pattern.
Falling wedge pattern means that, the bears are really losing it's strength. The narrowing candles as price action falls signals that a possible trend reversal may happen very soon.
❤️ A bull flag pattern is visible in the daily chart. Price is moving within the flag, but within a support zone. The support zone usually pushes the price up.
LONG TERM forecast:
❤️ 1W and 1M chart is consistent bullish. A huge double bottom has long been formed. Upside target is 107k.
❤️ Weekly KDJ oscillator detected FOMO volume at around 72k. Price will soar above 72k in the comming weeks.
OVERALL CONCLUSION-->BTC is still long term bullish. I gave more weight and credence to the 1W and 1M chart since it's a much stronger time frame. It is more reliable in predicting the general flow of the market.
Price correction is normal as BTC paves it's way up. Hey, after all, Market moves in zigzag all the time.
If you're trading in spot like me, the best way is to hodl and stack some more. ACE, PEOPLE, JASMY, BOME, and almost everything are crazy cheap now. 😁
As for me, I'm stacking more of ACE. Devs will launch ACE ARENA this week. It's the project's much awaited engage to earn web 3 game. Check it out 😉.
DYOR. NFA.
FOLLOW me for daily chart updates.
#HotTrends #BOME #BTC #ACE #PEOPLE
Chart below 👇
Let's check the chart again 👇
SHORT TERM forecast:
😬 Ascending triangle in the 1H chart was invalidated when candles fell below the 66k zone.
😬 Bullish cup and handle pattern in the 1H and 4H chart was likewise invalidated when price action slumps to the 63k zone.
😬4H KDJ oscillator detected panic selling around the 63k price point. Sadly, in the next few hours, there may still be a quick drop below 63k to pacify the sell volume.
❤️ The huge falling wedge pattern in the 1H, 4H and 6H chart is still valid. Candles are still moving within the pattern.
Falling wedge pattern means that, the bears are really losing it's strength. The narrowing candles as price action falls signals that a possible trend reversal may happen very soon.
❤️ A bull flag pattern is visible in the daily chart. Price is moving within the flag, but within a support zone. The support zone usually pushes the price up.
LONG TERM forecast:
❤️ 1W and 1M chart is consistent bullish. A huge double bottom has long been formed. Upside target is 107k.
❤️ Weekly KDJ oscillator detected FOMO volume at around 72k. Price will soar above 72k in the comming weeks.
OVERALL CONCLUSION-->BTC is still long term bullish. I gave more weight and credence to the 1W and 1M chart since it's a much stronger time frame. It is more reliable in predicting the general flow of the market.
Price correction is normal as BTC paves it's way up. Hey, after all, Market moves in zigzag all the time.
If you're trading in spot like me, the best way is to hodl and stack some more. ACE, PEOPLE, JASMY, BOME, and almost everything are crazy cheap now. 😁
As for me, I'm stacking more of ACE. Devs will launch ACE ARENA this week. It's the project's much awaited engage to earn web 3 game. Check it out 😉.
DYOR. NFA.
FOLLOW me for daily chart updates.
#HotTrends #BOME #BTC #ACE #PEOPLE
Chart below 👇
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BTC
100.636,8
+1.72%
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