In my previous post I mentioned I where just waiting for a breakout, and if so 35-36k should come fast, and it sure did. 😃
just waiting for my next predictiv move to hit of 35-36k. The same invalidation level is a candle close below the 25k neckline for any reconsideration
It took 3 months, we had to consolidate further and broke the bull flag to the downside. We test the 25k neckline again, and as mentioned months ago, if that happens it is to add before 32k breaks. My charts have been drawn and presented in 2022 as a mirror of previous cycle if you have been following along this year. 😊
What will be next? My inverse head & shoulder target is 36-38k technically. And 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. We may see a retracement test first as we have a CME gap at 29.7k, which would make people fearfull again, and I like it when the majority is bearish, then I'm bullish. Just like when we were at 25k, people were bearish and thought we were in a bear market. I don't think so, the charts don't lie. The neckline at 25k and yellow 200 ema acted as great level of support. Invalidation is our previous swing low of 24.9k to reassess.
Update of the monthly chart with Heikin Ashi candles, looks great. 😊
Question is will we mirror 2016 or 2019. If its gonna be 2016 we should see 6 months sideways basically before a new high, and no signifintly lower lows on monthly chart before next bulltop, that would be nice. And as mentioned in previous post on this indicator, there has only been 4 green dots printed below the zero line ever, and all led to lots of upside.
I hope you enjoyed the read and leave a comment, where are price going next?
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Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
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