Bitcoin is still in the current uptrend. Target is USD 11975.
Pivot Point is 9837. Below Pivot Point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot Point means an undecided scenario and a sideways movement.
Pivot Point is 9837. Below Pivot Point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot Point means an undecided scenario and a sideways movement.
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Keep an eye on this still bullish scenario. A possible trend reversal pattern might be developing. If BTCUSD breaks through all three blue lines, a downtrend will be established with a target of 8984. The trend reversal pattern becomes only valid after all three blue lines are broken!
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Zoomed into the above developing trend reversal pattern. Remeber: It becomes valid only if all three blue lines are broken.
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The above described bearish trend reversal scenario did not happen. None of the blue lines were broken. Stronger than before, the uptrend is still in effect and BTCUSD continues to rise towards 11975.
The current upmove with target 11975 is approximately a 50% correction of the former downmove. At 11975, we will see if this was a correction and the downtrend still effective or if this uptrend continues towards 25000.