Will btc push to the upside? or will the bears have their way? - Market Speculation

freedomtradez (25)in #btc • 5 years ago (edited)

Case for bears: (target 9900 - 8500) litecoin leads market. bitmex litecoin has lost all upwards price action that was made the last 15hrs. completion of current bullish cypher will be at 8500. While recent price action has been choppy when hunting other targets in the cypher patterns, targets where still hit regardless of the price path.

Case for the bulls: (target 11600 -12000) Inverse head and shoulders, double bottom at 9660 already initiated, although crypto aficionados may not agree double bottom was hit. potential bearish bat gartley shows path to 12k before drop.

Note about gartley cypher. while we have had 2 bullish gartleys in a row. in this correction from ath. btc has a preference to repeat patterns. first chart is old, but this would imply lower price action. to go from a bearish gartley to bullish gartley as shown in second cypher chart could be a less natural move for btc.

chartcypher 13july 4pm.png