Well, quite a weird pattern at this 4H chart. I'll go out on a limp to say that this is an ABC retracement, and we are about to see BTC shoot past the overhead 44000 resistance by next week, resuming the up trend.
But if no buying strength comes in at the next couple of days or we see price grinds along the lower triangle boundary, then we should see a strong selloff. As to how low, that's hard to say because it's no longer the ABC retracement pattern.
However, from the Weekly chart, this could still play out be a wave 2 retracement. If this is the case, then 38000 could be where it rebounds. If it doesn't, then it could be reach for 32000.
It's Bitcoin :) anything can happen!
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
But if no buying strength comes in at the next couple of days or we see price grinds along the lower triangle boundary, then we should see a strong selloff. As to how low, that's hard to say because it's no longer the ABC retracement pattern.
However, from the Weekly chart, this could still play out be a wave 2 retracement. If this is the case, then 38000 could be where it rebounds. If it doesn't, then it could be reach for 32000.
It's Bitcoin :) anything can happen!
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
