After breaking and then retesting the ascending channel, Bitcoin then formed a symmetrical triangle from which it broke downwards. Once a structure is broken there is usually a retest, just like S/R levels. I can see many different Harmonic Patterns to suggest a retest around the 50-61% level, however there seems to be a descending triangle forming which shows my perspective best.
So, the retest of the broken symmetrical triangle, the next wave in the descending triangle, a retest of the more recent downtrend line, and a few Harmonic Patterns suggest a short run up to which price will find resistance around ~57-58k.
From a technical standpoint this is what I see, however we all know that with BTC, all fundamental factors should be considered. I wont get into those, but I believe the sentiment is still bullish on this 'dip' relative to previous pull backs and people are not as scared.
I think it's too early to make assumptions on what will happen next, but I wanted to share my view. Let me know your thoughts in the comments.
Previous analyses linked.
So, the retest of the broken symmetrical triangle, the next wave in the descending triangle, a retest of the more recent downtrend line, and a few Harmonic Patterns suggest a short run up to which price will find resistance around ~57-58k.
From a technical standpoint this is what I see, however we all know that with BTC, all fundamental factors should be considered. I wont get into those, but I believe the sentiment is still bullish on this 'dip' relative to previous pull backs and people are not as scared.
I think it's too early to make assumptions on what will happen next, but I wanted to share my view. Let me know your thoughts in the comments.
Previous analyses linked.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
