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This simple chart is an idea that I have been looking at with the clients which depicts the 12H similarities after a big move. As you see my early observations from last week were to quickly draw conclusions that higher lows could be very well be printed (which we did) and that we are in a potential large continuation flag similar to $5,000 a theory that will be tested soon at our current levels!
Consider this idea VOID/FAILED if Bitcoin drops to $8,900s
So far this scenario and our Head fake Bitcoin call from $8-7Ks have been successful. The Head Fake scenario calls for at least $16,000:
I remain contrarian to the majority of bears calling a full retrace down from these levels to $8,050-7,900 and lower. The top author on tradingview has garnished close to 2000 likes for the chart. This means that most traders have been caught selling the lows at $8-7Ks and want the market to go back down so they can rebuy back. Note that if this is a true bull market and based on Bitcoin’s historical data at hand, the market will never return to the below levels and most traders or bears will have to FOMO higher in Bitcoin .
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Published at Tue, 05 Nov 2019 02:35:31 +0000