BTC is at the top of this massive bullflag (again) where BTC is in now for 32 weeks. October is half way and the Halloween effect is knocking on the doors. Good time to look ahead.
Scenario A: Bullish
When BTC breaks out of the bullflag and get (and stay) above the ATH level we enter the uncharted territory. This is where the Extended Fib tool comes in place giving us guidance.
Target 1:
When BTC breaks major resistance and stay above, my first local target will be around 80k. This target comes from the extended fib of this recent rally. I have hidden this ext-fib to make the chart more clean.
Target 2:
My second target is around 96k. This is the 2.618 level of the major extended Fib AND the target of the major pole trade measured from around 27k, all the way up to ATH end of the pole of the recent bullflag. When I take that pole and extend it from the bottom pricelevel of the bullflag (50K). The target point of the extended fib and the target of the pole trade match exactly. This almost can't be a coincidence ;-)
Target 3 & 4:
When price breaks the psychological level of 100k my future targets are around 118k (3.618 extended fib) and ultimately 130k (4.236 extended fib).
Scenario B: Bearish
If price fails to set a new ATH at the major resistance AND sets a lower high and lower low, BTC is going to see lower levels most probably. This will make this whole thing a Wyckoff distribution setup.
Scenario A: Bullish
When BTC breaks out of the bullflag and get (and stay) above the ATH level we enter the uncharted territory. This is where the Extended Fib tool comes in place giving us guidance.
Target 1:
When BTC breaks major resistance and stay above, my first local target will be around 80k. This target comes from the extended fib of this recent rally. I have hidden this ext-fib to make the chart more clean.
Target 2:
My second target is around 96k. This is the 2.618 level of the major extended Fib AND the target of the major pole trade measured from around 27k, all the way up to ATH end of the pole of the recent bullflag. When I take that pole and extend it from the bottom pricelevel of the bullflag (50K). The target point of the extended fib and the target of the pole trade match exactly. This almost can't be a coincidence ;-)
Target 3 & 4:
When price breaks the psychological level of 100k my future targets are around 118k (3.618 extended fib) and ultimately 130k (4.236 extended fib).
Scenario B: Bearish
If price fails to set a new ATH at the major resistance AND sets a lower high and lower low, BTC is going to see lower levels most probably. This will make this whole thing a Wyckoff distribution setup.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.