Inverse C&H formation with handle working to complete soon. Likely a drop to $12,800 within the next 16 hours or so..
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If the inverse C&H formation is completed, we will see the completion of the bull trap, which will further drive down the value of Bitcoin, likely to around $11,000.
However, the inverse C&H is actually within a large bullish pennant that may break upward. See next update.
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Looking at the purple triangle. We had previously broken upward of a bullish flag, which has now turned into a bullish pennant. That bullish pennant shows that we have a target of $45,000. However, the short term shows the inverse C&H, which shows we have a target of around 12k.
BTC market is indecisive. A fall could be beneficial for ETH as well as the alt coins, as the value of each alt in respect to the BTC, would be higher. This could mean a great profit time for the next week in alt coins. As those coins settle, people will move back into BTC as a store of value or safe haven, propelling it back upward for the next wave.
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Further, we have an Head & Shoulders formation, pointing downward to 12K or lower. Our 4 hour and daily ichimoku support cloud, still shows support, which may keep us from falling off to 11k or 10k. If we break below the ichimoku support cloud on the daily chart, expect further losses.
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Well, that just happened.. tip addresses above. ;-)
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Here comes the bounce, right out of the massive pennant.. wait for it.
@tin.Foil this happened because of news related to speculative ban on South Korean exchanges. It could drop more considering this drop happened very fast.
Boss_Coyote
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Around Second week of Feb will be the last time we see bitcoin in the teens
JoeSmo
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What's the entry?
haroming
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@tin.Foil Thank you sir!
Could you provide an update on this?
Also how can I send you a small tip to express my admiration for your work?