An Idea on Bitcoin Possible Corrections
During these days we are hearing about deep corrections and the predictions based on the S2F model. Therefore we decided to check the possible scenarios in the long term.
Today we have seen that after a long time we had a Death Cross on the Daily chart, however, since EMAs are lagging lines, and especially 50 and 200, we don’t take it so serious as it should happen due to the sharp correction from
64K to 30k.
Our assumption is the formation of a extended Curved Bottom Pattern in General, which may lead to a Cup and Handle Pattern.
Meanwhile, we are facing an inherent Bearish Bat which, if formed, can acts as a bullish trap.
Based on the Daily Pivots, The S1 Support Line of the current pivot will form the bottom of the Curve Bottom and we estimate it around $20-25K (Depending on the correction momentum and the volume of the sales pressure). It is also possible that price touch $19-18k but very quick and bounce up sharply from there.
From our point of view this correction can heal the bullish rally and if the pattern goes well, in July and August, traders can accumulate in the dip and the market cycle shift from rookies to the professional bulls.
This is just an idea and not a recommendation.
We’ll be thankful to have your comments and ideas as well.
Wishing you all a profitable trade ahead!
Visit our website for trading various crypto currencies.
Today we have seen that after a long time we had a Death Cross on the Daily chart, however, since EMAs are lagging lines, and especially 50 and 200, we don’t take it so serious as it should happen due to the sharp correction from
64K to 30k. Our assumption is the formation of a extended Curved Bottom Pattern in General, which may lead to a Cup and Handle Pattern.
Meanwhile, we are facing an inherent Bearish Bat which, if formed, can acts as a bullish trap.
Based on the Daily Pivots, The S1 Support Line of the current pivot will form the bottom of the Curve Bottom and we estimate it around $20-25K (Depending on the correction momentum and the volume of the sales pressure). It is also possible that price touch $19-18k but very quick and bounce up sharply from there.
From our point of view this correction can heal the bullish rally and if the pattern goes well, in July and August, traders can accumulate in the dip and the market cycle shift from rookies to the professional bulls.
This is just an idea and not a recommendation.
We’ll be thankful to have your comments and ideas as well.
Wishing you all a profitable trade ahead!
Visit our website for trading various crypto currencies.
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