Guys I suppose I have to tell you about this right now. Bitcoin's price increased by 5% yesterday, and it is currently trading at $57560. However, do not board the leaving train; instead, rush on the next station, and take your seat. After reviewing the existing trend and patterns, I believe we are in for a series of important price movements.
Take a look at the market movements in 2020, it was in a bull trend and created this beautiful pattern, that also represents a Head & Shoulders pattern (see pic below) but instead of reversing, moves higher.
This pattern can be spotted on Bitcoin across history, typically on intraday setups, but it can also be found on higher timescales.
As you can see in the image below, the same pattern is observed on a 1-hour timeframe,
with the same swings and structure.
I believe the price will go down again in the coming days, with expectations at $55,600 and $56,300. Price will rebound in a sideways fashion within a week or two after reaching those levels, before the next big breakout. Following that, we may see a significant effort to recapture the existing ATH or set up a new level.
Take a look at the market movements in 2020, it was in a bull trend and created this beautiful pattern, that also represents a Head & Shoulders pattern (see pic below) but instead of reversing, moves higher.
This pattern can be spotted on Bitcoin across history, typically on intraday setups, but it can also be found on higher timescales.
As you can see in the image below, the same pattern is observed on a 1-hour timeframe,
I believe the price will go down again in the coming days, with expectations at $55,600 and $56,300. Price will rebound in a sideways fashion within a week or two after reaching those levels, before the next big breakout. Following that, we may see a significant effort to recapture the existing ATH or set up a new level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.