Bitcoin (BTC) - Analysis UPDATE
Will Bitcoin Hit My Next Target?
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This is an update of my previous Bitcoin analysis that you can find here:
https://steemit.com/bitcoin/@benkalashnikov/bitcoin-btc-analysis-update-4
I still think we're forming an ABC within a bigger ABC and we're following my previous pricepath pretty accurately. I've set these buy orders that I recently posted on twitter and most of them have been fullfilled:
🔔 $10,474
🔔 $10,260
🔔 $10,197
🔔 $10,071
🔔 $9,883
🔔 $9,636
🔔 $8,841
🔔 $8,214
Inverted head & shoulders pattern almost fully complete
Here you can see that the light blue lines have formed an inverted head & shoulder pattern which is a trendreversal. The yellow trendlines all point at the same area. This area also happens to be the 0.618 fibonacci retracement level which is very common. So my correction target is around $8,000-$9,000 area where I've also set some buy orders.
ABC correction within a bigger ABC pattern
We're about to form the end of the B wave within the bigger ABC and I expect a price jump after that.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
Any estimate on when the jump happens?
Within a week or so maybe
Hope you're right✔
Interesting analysis, I was thinking we’d see some support at the 9300-9400 mark (near 38%) in my recent post but yours seems a bit more accurate. I feel like B could complete the inverted H&S.
Yeah, there are several support levels around this area. Let's see how deep this shorter correction will be.
Nice presentation of reports
Thank you Paul