Here is my view on Bitcoin ( ). 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 here but it could also be an . It doesn’t really matter because more important is the green . BTC is at a point where it needs to choose an important direction. Up in the or break through the green trendline.
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 itself. Currently we see another head shoulder formation (red color) with a point where we are going to see a move.
BTC bounces off the green and that is then going to follow the orange trajectory. A move to 70-74k. From there we look further again.
BTC breaks the green upward 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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