Bitcoin (BTC) - Analysis UPDATE 4
On Our Way Up!
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Bitcoin has formed an inverted Head & Shoulders pattern meaning we have a little more to go before it's fully completed. We need to climb a little more then follow the light blue line down to my correction target shown in the pictures. I will try to make this post as educational and easy to grasp as I can while not keeping the chart too cluttered. By posting several screenshots I hope that I will not cause any confusion :)
Short term target: $11,261
We have a little more to go before heading down again to my correction target which is in the $8,000 to $9,000 area. I believe we're forming an ABC correction and price will shoot up after this smaller dip.
Inverted head & shoulders pattern
We can see that an inverted head & shoulders pattern is forming and which is known as a trend reversal. This will lead to an uptrend with new impulse waves. Keep in mind that we're still in a bear market even though this trend at a smaller degree is occurring.
Trend lines that supports my correction target
If we start to draw trend lines we can see that they show clear support lines, and the line that goes from the shoulders fits perferctly into the correction target area.
Trend lines that supports my correction target
If we add a trend based fibonacci extension we can see that the correction could very well hit the 0.618 golden ratio level, which also fits perfectly into the correction target area.
Mid term target
My mid term target hasn't changed much and I will update it as soon as we get more data.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
Looking like its playing out. You have a somewhat similar count to waves618 (youtube and @wavesix18)
Thanks, couldn't find him on steem though
Sorry wrong link. He's on twitter and youtube. https://twitter.com/wavesix18
Thanks for your good work :) ... I follow you to see more ...
I think the price will go up ... for this year I wouldn't be surprised much if it goes at least to 50.000$ per Bitcoin ... What do you think?
I'd like to see that too, unfortunately I'm pretty bearish until I see a trend reversal. I still think this correction has been too short and expect it to be a lot longer in terms of time.
thank you friends already want to share information
Thanks
Actually this post explains it very well. Will add you now i know what you do. Thanks for doing this.
Cool! thanks
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