In my previous post I covered the inverse head & shoulders pattern at 38k was complete. I'm removing it from my charts after this post to keep them clean, and the blockchain will keep a receipt for me.😃 I'm just quoting what was my idea in the previous post.
as we finally broke the bear line in green, need to close weekly above to confirm, we can see a rally like in 2019 to fib lvl 0.5 or 0.618 like last cycle. That would be 42 and 48k, I don't see us going higher for this move. A retest of 30k would be expected after the rally, as we have a CME gap at 29.7k..
History simply repeated itself, we hit the 0.618 fib. 48k done.✅ Now what? A retest of market structure as I stated will happen after?
The market is bullish now that the ETF was approved etc. but is it a "sell the news" event or not? If 90% say so, maybe it won't happen? I do not know.. If it is then I stand on my TA as above, a retest of 31k I would say is where we are going. Around the 0.236 fib area, last cycle we had a correction that took us down around there too, also the cycles before check it yourself. But if people fomo here then maybe we'll see a wick up to 57k next fib and close a CME gap at 52k, there should be a correction from there in that case to atleast 35k. I also think it will be short lived as halving is approaching. What do you think? If this will play out I have caught all big moves in Bitcoin since the bottom.👏😂
I hope you enjoyed reading and leave a comment If you want to see more ideas in the future.😃
As a bonus for my readers. Ethereum. Just briefly, the last cycle was a W bottom, this time an ascending triangle. Breakout, retest, continuation? The target for the pattern is actually 4k, I'm aiming for 3k,2 first. Invalidation, close below 2,k1. Not financial advice ofc. Leave a like if you liked it.👍
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Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
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