BTC Potential Next Move
Hello everyone!
BTC is close to forming a double bottom on the weekly TF at 18.5k suggesting potential cycle bottom and the opportunity for reversal. If it is able to close above 2017 ATH level of 19.8k double bottom is validated but invalidated if close below. With that, it is close to meeting with the downtrend that started in November at ATH and been respected since. I see two potential moves coming from these two readings.
Option 1- A breakout of the downtrend based on the double-bottom reversal momentum resulting in a push to 24k. From there if it is able to hold above the 200 MA 28k is the level I see. A rejection at the 200 MA and I see consolidation between 18k and 24k continue.
Option 2- Weekly close below 2017 ATH and 12.4k is the next outcome. Based on historical price action, all major BTC cycles (Early 2013, Late 2013, and 2017) have come back to the 0.382 Fib of the previous cycle before starting the next so for the current cycle 12.4k is the bottom and highly probable to be the next level hit.
We will see which one plays out.
BTC is close to forming a double bottom on the weekly TF at 18.5k suggesting potential cycle bottom and the opportunity for reversal. If it is able to close above 2017 ATH level of 19.8k double bottom is validated but invalidated if close below. With that, it is close to meeting with the downtrend that started in November at ATH and been respected since. I see two potential moves coming from these two readings.
Option 1- A breakout of the downtrend based on the double-bottom reversal momentum resulting in a push to 24k. From there if it is able to hold above the 200 MA 28k is the level I see. A rejection at the 200 MA and I see consolidation between 18k and 24k continue.
Option 2- Weekly close below 2017 ATH and 12.4k is the next outcome. Based on historical price action, all major BTC cycles (Early 2013, Late 2013, and 2017) have come back to the 0.382 Fib of the previous cycle before starting the next so for the current cycle 12.4k is the bottom and highly probable to be the next level hit.
We will see which one plays out.
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