Bullish Bounce, Right Shoulder, Or M out???
Looking at the daily chart we can see that Bitcoin is currently descending at a crucial point,
shown in the purple box with the white uptrend line going through it. Is Bitcoin going to be able to bounce off this white trend line and head back up to the top of the blue triangle 58k range.
In hopes of heading to a new all time high-
Or is Bitcoin going to break out of the white line and purple box and then head to the bottom of the blue triangle and the red line which would take us to estimate a 32 to 33,000 range
Worst case scenario Bitcoin continues to descend- breaks out of the blue triangle and we make a quick descent all the way down to the 10 to 12k range where we will then complete the M and a large upswing will follow.
Quick and brief, nonetheless, however, the charts are about to make some moves!
Good luck everyone!
shown in the purple box with the white uptrend line going through it. Is Bitcoin going to be able to bounce off this white trend line and head back up to the top of the blue triangle 58k range.
In hopes of heading to a new all time high-
Or is Bitcoin going to break out of the white line and purple box and then head to the bottom of the blue triangle and the red line which would take us to estimate a 32 to 33,000 range
Worst case scenario Bitcoin continues to descend- breaks out of the blue triangle and we make a quick descent all the way down to the 10 to 12k range where we will then complete the M and a large upswing will follow.
Quick and brief, nonetheless, however, the charts are about to make some moves!
Good luck everyone!
Penafian
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