BTC has gone parabolic breached all resistances, and can reach 10.5K the target of the large bullish ABCD pattern. It is now very close to the inverse head and shoulders target of 8600.
However there are two forces pulling BTC down, the cme gap at 7300 the 4h 200ema which acts as a magnet for price.
Personally i believe that if price goes down to these levels and go under the previous resistances it will continue further down.
The key determiner is a bounce off the 4h 200ema on a retest, this would mean that trends remains bullish, a break below the 4h 200 ema like what happened after october 25th, will send the price down to the 6k region.
However there are two forces pulling BTC down, the cme gap at 7300 the 4h 200ema which acts as a magnet for price.
Personally i believe that if price goes down to these levels and go under the previous resistances it will continue further down.
The key determiner is a bounce off the 4h 200ema on a retest, this would mean that trends remains bullish, a break below the 4h 200 ema like what happened after october 25th, will send the price down to the 6k region.
