A Technical Look at Bitcoin and Possible Downside - BTCUSD!
This is not a prediction. This is rather a gathering of information from my analysis of patterns, trend lines, fib levels and more.
The bitcoin market has been very bearish as of late, forming on bearish pattern after another. Most recently, we completed my upward trending head and shoulders pattern that I didn't see anyone cover on Trading View other than myself. Around the same time we confirmed a nasty double top, and after several tries to break back above that line, Bitcoin has failed and continues to move lower.
We have now broken out of (to the downside) yet another bear flag pattern. When I see bearish patterns within bearish patterns within bearish patterns that are all succesfully break out to the downside, that is obviously a VERY bearish sign for me. Until I see a significant sign of a bullish reversal, I will continue to be a bear in this market. It is my opinion that we will see further downside, and I just wanted to through a couple numbers out there of likely targets that we may see on the way down.
Target #1 - approx $7,250 - this is my original head and shoulders target formed on the rising blue neckline. If I've learned one thing recently, it is to stick to my guns and targets until I see otherwise... So I'm sticking to this one.
Target #2 - $6534.6 - derived from fib based extension tool - confidence level - medium to high
Target #3 - $6k - February low
If we get down to $6k I definitely expect to see some strong buys come in. This could help define it as a bottom, but we can't rule out the possibility of going lower, which leads me to my next target....
Target #4 - $4,908
This can be invalidated at anytime, but I will not be bullish until we break out of the larger inverse head and shoulders pattern as outlined by many others here on trading view. With the market sentiment though, and BTC's inability to break out above key levels, my bias is to the downside for now.
Enjoy guys and good luck. If you get anything out of my charts or analysis' please comment, like, share, follow, etc for updated charts throughout the week!
The bitcoin market has been very bearish as of late, forming on bearish pattern after another. Most recently, we completed my upward trending head and shoulders pattern that I didn't see anyone cover on Trading View other than myself. Around the same time we confirmed a nasty double top, and after several tries to break back above that line, Bitcoin has failed and continues to move lower.
We have now broken out of (to the downside) yet another bear flag pattern. When I see bearish patterns within bearish patterns within bearish patterns that are all succesfully break out to the downside, that is obviously a VERY bearish sign for me. Until I see a significant sign of a bullish reversal, I will continue to be a bear in this market. It is my opinion that we will see further downside, and I just wanted to through a couple numbers out there of likely targets that we may see on the way down.
Target #1 - approx $7,250 - this is my original head and shoulders target formed on the rising blue neckline. If I've learned one thing recently, it is to stick to my guns and targets until I see otherwise... So I'm sticking to this one.
Target #2 - $6534.6 - derived from fib based extension tool - confidence level - medium to high
Target #3 - $6k - February low
If we get down to $6k I definitely expect to see some strong buys come in. This could help define it as a bottom, but we can't rule out the possibility of going lower, which leads me to my next target....
Target #4 - $4,908
This can be invalidated at anytime, but I will not be bullish until we break out of the larger inverse head and shoulders pattern as outlined by many others here on trading view. With the market sentiment though, and BTC's inability to break out above key levels, my bias is to the downside for now.
Enjoy guys and good luck. If you get anything out of my charts or analysis' please comment, like, share, follow, etc for updated charts throughout the week!
Komen:
Just bounced of 61.8 retrace (drawn from Feb low to high on Feb 20)... once 8223 goes, we're likely to head to about 7250
