Bitcoin BTC a comprehensive analysis. IMPORTANT TURNING POINT! for INDEX:BTCUSD by Ether2020

Dear friends,

Here is my view on Bitcoin ( daily chart ). I’m not going into the lower timeframes for now as there is too much noise and so you can’t see the broader picture.

A picture says more than a thousand words. We see a bearish wedge here but it could also be an ascending triangle . It doesn’t really matter because more important is the green trend line . BTC is at a point where it needs to choose an important direction. Up in the wedge or break through the green trendline.

The 3D RSI has broken and that is a good predictor of what may come. So definitely a bearish sign.

In the uptrend from 29000, BTC previously formed a head shoulder formation but it failed. Result was a huge counter move. Perfect to trade on as these are often much stronger than the H&S itself. Currently we see another head shoulder formation (red color) with a point where we are going to see a move.

scenario 1
BTC bounces off the green trend line and that is then going to follow the orange trajectory. A move to 70-74k. From there we look further again.

scenario 2
BTC breaks the green upward trend line downwards and will then probably drop to the 44889 (0.5 fib) and then to the 0.618 fib level. From there I definitely expect another rise to the 0.382 fib level as BTC will be oversold. If this were the case then we do have a much larger head shoulder pattern formed with targets up to 14k . We are a long way from that but it could fit into the picture of the 4 year cycle. However, the charts will show the way. Of course, we are not there yet!

Dear friends, unfortunately I am not fully recovered so I am taking it very easy for the time being. Thank you very much for your kind wishes, which I appreciate enormously!

Hope that this analysis can provide a little more clarity and this for the Bulls as well as for the bears because we are at a very important crossroads (see the chart).

I wish you a lot of success and especially a lot of profit!

Disclaimer This is my view, no advice to buy or sell. Also always do your own research!

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