THREE levels to BREAK before Bitcoin heads higher! | Cryptocurrency News | Chepicap



let's start off here with Bitcoin on the for our first thing I'm gonna do is talk about a little bit of an update to the pattern we were talking about a couple days ago and then we're gonna zoom out and talk about kind of a macro pattern seeing where we're at in this larger Bitcoin market cycle and if we can expect basically a return to the bull market or if we're starting to look at towards a bear market again so here we are on the 4-hour and last week or a few days ago I was talking about these channels here and whether we were carving out either a larger wedge here you can see with these golden lines that I put here or this descending channel which I marked with these blue lines and we don't really know yet and that's still kind of what we're deciding right now we're testing on the lower end of this wedge a solid breakdown below this wedge below also below about 9 5 this Fibonacci level would pretty much tell us that we're in this descending channel after all however we have tested on here and held this wedge this this ascending line several times now and I'll talk a little bit more about its significance in a moment but basically that that's the bull scenario as we hold inside this wedge I was actually think we might be about to start another ascending channel like these are these tighter ascending channels inside here they've been getting even more narrow as time goes on I thought we might be about to start another ascending one but it's unclear because we are testing downward right now so if we're able to hold above this line we probably will start testing back up it might be another fairly narrow ascending channel and then we're looking to test at about 10 for again at about 11 and obviously we need to get up to the top of this channel at about 12 which even if it does go up we won't really know if we're in the wedge or this descending channel yet until we test back down again but that would be the first thing to watch for for a bowl scenario is that we start testing up 10 for 11 up to 12 and eventually we're gonna want to break out to the top if we're not able to break out to the top we eventually are gonna have to decide and if we break down below this wedge then we are in this descending channel now I'm gonna switch to the daily here in a second and talk about why one that might be what's happening we might be about to break down for a little bit more down and to that might not be that unhealthy so let's talk about a couple of other things on a larger time time frame let's switch to the daily zoomed out on the daily here to talk about a certain idea I've heard recently that we are kind of entering into a Necco of the price rally we saw back in 2017 so I've highlighted some of the key like kind of similar patterns that are going on here we see a little bit of a peak followed by a dip preceding the parabolic run so the same thing here parabolic run so have two peaks one higher than the other first one's higher second one's lower and then a pretty significant correction and then almost almost halfway back up rise and then another correction pretty significant correction came back up a bit and we're in another correction now if this continues to play out in the same fashion we would expect to see not too much more downside maybe between nine and nine five but some consolidation with lower highs occurring as we kind of continue with more tight sideways consolidation action for how far and to what end for that I want to zoom out a little more go logarithmic and talk about a larger price line that we've been holding on for a very long time with Bitcoin so let's check out logarithmic the last thing I want to talk about here is this longer-term trend line that Bitcoin has repeatedly returned to over its history we didn't spend a whole lot of time on it after the last cycle really and so I think the healthiest thing we could see for Bitcoin would be kind of a return to this trend line now there's a couple of different ways that could happen if we are repeating the last cycle but on a smaller level we might see sort of a sideways squiggle bringing us back maybe with a slight downward but bringing us back to this trendline which we could then start to carry up on and eventually reach new highs I think that's the healthiest I think it's probably the most likely it might be more volatile than my squiggle looks but there are two other possibilities one is of course we could see more upside first even testing on the all-time high or something and then coming back to that trendline be a little less healthy I think could be more boom and bust it would be not the best for our perception of Bitcoin certainly not as healthy as like stability but it could happen and then of course we could also kind of crash more immediately down and then start carrying up this trendline that wouldn't be too bad we kind of hope that version happens the most and they in order to get cheaper Bitcoin you know we should all be kind of hoping for that we would probably go down to around the five to six for around six thousand level I'm not saying I think it's gonna happen but it would be the best for our you know stacking sets but I think that realistically again that would be kind of intense and not great for our public image so I think the sideways action is with the one that is most both most likely based on the fact that we do seem to be replicating this pattern and the healthiest for Bitcoin so that's not so much a prediction but that's kind of my best guess right now well that ought to do it for me yet again as I'm always saying this is not investment advice this is just my personal opinion do your own research make your own decisions until next time don't forget that like and subscribe good luck with those trades

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