Hello Everyone,
the price action for BTC in the past few weeks have left many speculations and ideas flooding the crypto space with the giant not hiding its attempt to hold all in a suspenseful emotion. However, a lot has been happening fundamentally adding to the slow sideways movement including but not restricted to the uproar in Kazakhstan hampering mining and now Ukraine.
Well many BTC enthusiasts dread a sloping $30K price movement and wouldn't want to put $12-$10K possibility up for discussion just for the sake of an argument, but i have a pressing hunch we are on our there. Using the 1-Week HTF, this giant is was rejected and currently trading below the 0.382 fib level at a price of $40,025.7 (...as at the time of writing this piece). As shown in the image above, a parallel Head and Shoulders chart pattern is its last phase of completion which would see price fall into the critical support area at fib 0.5 and price $36668-$33040 and must hold off in this area else we see it trapped in the rock bottom support area at fib 0.618 and price $30647-$28767 (pardon my support area description names, just get the picture).
But fret not, that's just the worst case scenario.
Now to ease the scare, price falls into the critic support area at fib 0.5 before maintaining a perfect uptrend breaking out of support now turned resistance and on its way to $50K (I'm you'd like that.. huh) and we lock down all profits before another campaign to a new ATH.
Finally, despite the Friday 18/02/2022 bull trap the rally might just continue with an actual bull trend all th way to fib 0.236 only experiencing rejections at $47-$48K resistance and using price $42K as support.
Trade carefully as these periods fake breakouts and bull traps are lurking, these not relegated to BTC alone as time has proven the effect of the giant on other altcoins.
DISCLAIMER
I am not a certified or professional financial analyst. I am just another retail observer that is over his head and wishes to share his ideas, that's all it is AN IDEA. DO NOT take this as a financial advice, I am encouraging you to Do Your Own Research (DYOR). I would like to hear your thoughts and views, do well to drop a comment, subscribe and follow (if possible).
To fight against plagiarism, PLEASE note that this publication written on Tradingview and posted on Leofinance a Dapp for financial blogs on the hive.io Blockchain with usernames TentaclesMedia and @spirall respectfully.
Posted Using LeoFinance Beta