BTC GOING DOWN to 4000? Fireworks for Chinese New Year
BTC is still in a downtrend . It has not touched Line 2 since January 13 .
It has rejected precisely from line 3 twice and it is at the line again now.
We expect the trend to continue until we see a new pattern.
A new pattern would be a breach of line 3 then line 2.
It would require some major event to push BTC above 10500 which would cause me to be bullish.
However a rejection from line 3 could target a price of 4000 within the next 2 weeks
It has rejected precisely from line 3 twice and it is at the line again now.
We expect the trend to continue until we see a new pattern.
A new pattern would be a breach of line 3 then line 2.
It would require some major event to push BTC above 10500 which would cause me to be bullish.
However a rejection from line 3 could target a price of 4000 within the next 2 weeks
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Head and Shoulders on one minute chart
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To negate this pattern we must stay above 10300
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ETHBTC certainly in a downtrend. Perhaps we will get one more visit to 0.1
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BTC has cleared line 3 and line 2. This photo shows line 1 at the upper parallel of the pitchfork.
We are at an important resistance now 10400. Next stop 11350.
We could get a large retracement there. It may be a place to take profit and reenter lower.
We are at an important resistance now 10400. Next stop 11350.
We could get a large retracement there. It may be a place to take profit and reenter lower.
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I have adjusted the descending lines within the descending slope. High so far 11270.
Followed by a quick rejection into support on 75centile line of small ascending fork.
Three lines converge at 10am NY time when markets open after 3 days. Maybe it is then that we will see the fireworks.
Followed by a quick rejection into support on 75centile line of small ascending fork.
Three lines converge at 10am NY time when markets open after 3 days. Maybe it is then that we will see the fireworks.
