Will Bitcoin Breakout??? BTC Channel and Stagnation! - 4H CHART
Dear Crypto lovers, traders and investors alike.
Studying the charts yet again, following up, I have worked out a clear channel in BTC. This is in my eyes a correction to the sharp Bearish impulse we had during the winter period.
So far encountered very heavy resistance at $11,700
3 Options, 01 impulse to .618 which is a nice approximation of $14,500.
02, we get a retracement back to the trendline, we then break out to a previous high of and resistance of approximately $13,000.
03, regress back to $7,700 before our bullish impulse.
In my personal opinion option 03 is incredibly unlikely, with 02 in my eyes being the most likely. 01 is the optimistic option, however the volumes of buys are just not there.
Reason being... It is still following a downward trend. Displaying Elliot Wave signs.
So will the breakout occur?
All the best,
Josh.
Studying the charts yet again, following up, I have worked out a clear channel in BTC. This is in my eyes a correction to the sharp Bearish impulse we had during the winter period.
So far encountered very heavy resistance at $11,700
3 Options, 01 impulse to .618 which is a nice approximation of $14,500.
02, we get a retracement back to the trendline, we then break out to a previous high of and resistance of approximately $13,000.
03, regress back to $7,700 before our bullish impulse.
In my personal opinion option 03 is incredibly unlikely, with 02 in my eyes being the most likely. 01 is the optimistic option, however the volumes of buys are just not there.
Reason being... It is still following a downward trend. Displaying Elliot Wave signs.
So will the breakout occur?
All the best,
Josh.
Penafian
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