All medium term targets for BITCOIN!
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Bitcoin is showing some very strong signals on the 4h chart. Not only did we hold the .618 of the entire swing since bottom, but we've also managed to hold the .618 of the latest swing high located at just above $3,910.
We are currently consolidating in what appears to be a bullish pennant pattern. This pattern typically exists as a continuation of whatever the trend is that put it there. In this case, the trend is short-medium term bullish.
The major bullish trendline for Bitcoin which currently stands at $3,800 continues to show resilience, as every time it drops underneath, it holds the .618 of said swing and pops back up. The 4h RSI is showing a channel that Bitcoin is traveling in. So far, we have 2 consistent higher lows, and 2 consistent higher highs. Price action did not confirm the recent high in the RSI however suggesting slight hidden bearish divergence, but this is somewhat common in pennant patterns.
The inverted head and shoulders pattern neckline that still looms over us stands by my count at around $4,150 currently. The right shoulder continues to lack volume, which corroborates the profile of an inverted head and shoulders pattern. Travel in price up to, and beyond the neckline will need an extremely high volume breakout. You will know if it's legit.
The first and best valid trade opportunity in my opinion will occur when Bitcoin breaks the upper trendline of the bullish pennant with force. I have highlighted areas of interest that I personally would set a stop-market order for.
TLDR
Bear:
4h RSI is not confirming recent price high, however this is a common occurence in a bullish pennant.
A 4h break below pennant presents a valid medium risk short opportunity with a target of $3,550.
Invalidation of the head and shoulders pattern, and the bullish bias of this swing is a break and confirmation of $3,400. Past $3,400 we are looking at a new low with an initial target of $2,960.
Bull:
4h RSI is traveling in a channel showing higher highs and higher lows.
Bullish trendline located at $3,800 is holding.
Target 1 of this swing for a long is $4,100.
I fully expect the possibility of ranging until the new weekly close on the 7th.
I am also short-term very bullish.
I have stepped back from this market to remain objective, while doing minor trades here and there.
I do believe we have a good possibility of having a very strong rally in the coming weeks.
January bias continues, as that has historically not been a great month for Bitcoin, so be on your guard and use stops.
This is not financial advice, just what I see, painted on a chart.
We are currently consolidating in what appears to be a bullish pennant pattern. This pattern typically exists as a continuation of whatever the trend is that put it there. In this case, the trend is short-medium term bullish.
The major bullish trendline for Bitcoin which currently stands at $3,800 continues to show resilience, as every time it drops underneath, it holds the .618 of said swing and pops back up. The 4h RSI is showing a channel that Bitcoin is traveling in. So far, we have 2 consistent higher lows, and 2 consistent higher highs. Price action did not confirm the recent high in the RSI however suggesting slight hidden bearish divergence, but this is somewhat common in pennant patterns.
The inverted head and shoulders pattern neckline that still looms over us stands by my count at around $4,150 currently. The right shoulder continues to lack volume, which corroborates the profile of an inverted head and shoulders pattern. Travel in price up to, and beyond the neckline will need an extremely high volume breakout. You will know if it's legit.
The first and best valid trade opportunity in my opinion will occur when Bitcoin breaks the upper trendline of the bullish pennant with force. I have highlighted areas of interest that I personally would set a stop-market order for.
TLDR
Bear:
4h RSI is not confirming recent price high, however this is a common occurence in a bullish pennant.
A 4h break below pennant presents a valid medium risk short opportunity with a target of $3,550.
Invalidation of the head and shoulders pattern, and the bullish bias of this swing is a break and confirmation of $3,400. Past $3,400 we are looking at a new low with an initial target of $2,960.
Bull:
4h RSI is traveling in a channel showing higher highs and higher lows.
Bullish trendline located at $3,800 is holding.
Target 1 of this swing for a long is $4,100.
I fully expect the possibility of ranging until the new weekly close on the 7th.
I am also short-term very bullish.
I have stepped back from this market to remain objective, while doing minor trades here and there.
I do believe we have a good possibility of having a very strong rally in the coming weeks.
January bias continues, as that has historically not been a great month for Bitcoin, so be on your guard and use stops.
This is not financial advice, just what I see, painted on a chart.
Not
A prior idea with other targets.
Not
We are flirting with 4 different resistances on Bitmex, all strong in their own rights.
A break above $3,900 would be incredibly bullish.
Not
Saw this on a Reddit post. Credit goes to @Jhabermas.This is bullish af xD
Not
Target 1 done!xD
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