Guys, bitcoin is likely to move to 3500-4000 in the nearest future. We just broke the powerfull support level.
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The last small green pennant was broken to the upside and now is consolidating aobve the upper pennants border. This doesn't mean much by itself as the trend remains bearish. We can see some bullish pullback to the area of 10k and then the trend will most likely resume:
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Upside thrust came to an end as no continuation followed. Price made a false breakout. This reinforces the overall analysis:
dude you did everything perfect , untill the last part! yes it will be between 6k and 8k but it will not go to 4 k!! , doesn't make any sense
Alexander_Nikitin
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@salahief, Nobody says "will" or "will not". Based on the classic chart analysis there's a higher probability of fall over rise.
salahief
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@Alexander_Nikitin, true but i am speaking if it fall , 4k is unlikely that is what i am saying
Alexander_Nikitin
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@salahief, Sure. When we talk about probabilities we should understand the probability of WHAT we are talking about. There are two classic patterns on the chart: 1) a light blue flag that already hit the targets (one to one measured move) 2) a light blue pennant that recently broke to the downside. Its target is also one to one measured movement. Statistics say that there's over 60% probability for a pennat to reach its target if it is broken to the side of trend continuation. I projected the target and it points to the 3500-4000 area. On the other hand, whe pennant don't work and a breakout turns into a false breakout then this is a strong signal for opposite movement.
@salahief, honestly, I don't care about the bitcoin because I have no positions on it:) I know absolutely nothing about fundamental reasons for it to move in either direction. That's why I can say that I am objective about it. Simply show the guys what statisctics point to.
salahief
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@Alexander_Nikitin, thank you anyways :) , Btc still have position of growth but it may fall if the volume is not enough that is an (FYI)
Alexander_Nikitin
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@salahief, Could you please kindly explain to me what is FYI?