We were eyeing this bat pattern. There were some small harmonic patterns that were invalidated. Remember, I was in a trade at below 40 000 dollars that I did decide to close yesterday. But decided to open another one at 39 000 dollars. So, I’m still riding up this trade. I am totally protected. As you can see I have my stop-loss here exactly at my entry point, just to have a risk-free reward (because if we come back down to recess this level, it’s very likely gonna be broken).
So, I do think that we are gonna go to higher levels and I’m going to explain. Analyze the Bitcoin movement on Jet-Bot copy trading platform. The platform is official broker of the Binance exchange. You don’t need to deposit fund to the platform and can connect your Binance account via API keys.
If you remember with Harmonix we still had a few more days with Fibonacci time. Do you remember? About a month ago we were talking about this harmonic. This guard pattern did take us all the way up here to the target and had that massive correction, hitting the target of the 618, which is around about the 39 000. Now one of the things that is most important here is Fibonacci time because a godly pattern to reach those points needs.
But it just cannot take ages and ages. There will be a moment when it will be invalidated in Fibonacci time. So, I’m just going to show with the Fibonacci time tool over here. This one remembers was a one-to-one guard pattern where we had this guard going to point 79, right at the 48 000. If we take a look at Fibonacci time from X to the B and then to the D, it was exactly round about a one-to-one.
This blue right here line is a one-to-one where you reach the target. Approximately, we were just potentially about a day off or so to reach the high. Then started correcting this blue line that I do have over here with Fibonacci time. When we were spotting this bullish bat pattern. If I take Fibonacci time from X point from this lower part to the B point. At the center guess what we are just exactly finishing the one-to-one. When we are starting to pump – this means that from X to A to B is taking the same time from B to C to D and this is the ideal scenario. What you want to see with Fibonacci time a one-to-one extension just like we saw here, with this four-hourly big pattern, which was absolutely phenomenal one-to-one. We are hitting the one-to-one here we starting to pump and see this reaction. It is a sustainable pump. Are we going to go to much higher levels? Well, we were also talking here because this was a boring trading range. I was bullish till you get the drop.
You break a support but this is the moment that you need to be bullish. Basically, if you do have some patterns and a lot of confluence such as this huge massive VPVR level just at the 39 000. This was just a lot of volatility to scare a lot of people, and get people extremely bearish.
We are going to go to all-time high you know in the next coming weeks. I think that potentially we could reach 42 thousand dollars that would be my target number one. I am looking for that 6 1 8 Fibonacci retracements from C point right there of the pad and of the bat pattern. From this point down to the lows, I am looking for that 3 382 region which is just slightly below 42 000. It is going to be my profit and we’ve taken 50 of the profits, but take profit 2 (which is the real take profit) from harmonic patterns and for the bat pattern. It would be the 618 from this entire drop okay which would be around about the 44 000. I will have a position open. Just in case, we do actually reach this major target, what can we expect now? Well, like I said pretty impressively because we hit a lot of confluence of the point of control.
As you can see the big spike, we had the bat pattern and we were also hitting the 618 from the lowest point of this year which was around about the 33 000 here and if we take an extension here all the way from Fibonacci retracement to the highs we were hitting the 618 to absolute perfection okay so there’s a lot of confluence right there we’ve got Fibonacci major important level the 618 from the lows of this year to the highs of this year and we’ve also got a big spike on the VPVR we got the bullish bat pattern that was reaching its level. Remember, point 88 is the exact level where we need to see the D point right because we did have a little bit of volatility, that is what scares most of the investors. We did actually hit you know the point 88. We actually hit the point 90, so there was a little bit of volatility right there and we did manage to get the pump now. The volume is pretty high here and we do have some pretty nice volume. It is good because it’s higher than average from this downtrend.
Look at this point. We have this red one which is slightly higher. But from this point, from the start of this drop volume, is lower than the actual pump that we’ve had yesterday. This is a good sign. In my opinion, I do see strength in this pump for a little bit of more continuation.
Of course, can we retrace a little lower? Well, we are actually at a big major level and I just want to you why here looking at the daily chart. We do have a major level of resistance also. Are we going to manage to break above it, which is this one right, where we didn’t manage to break above? So, we are getting a little bit of volatility. I think that we could have a little consolidation at this range.
Before we continue to the upside to attempt to hit this daily level right over here at the 42.2. This daily level here is at 42 000. Now 42 000 is a massive wall of resistance, so we are potentially going to attempt to break the zone. For me, it is already going to be a take-profit area. I’m not sure if bitcoin will have the strength to break above this range. We might be thinking of putting a hedge short position at this range. We`ll be riding this long position from 39 000 to see if we can hit 44 which is a huge major resistance. As you can see, it is a major daily level where we did get a bounce and with this week. 44 000 is also a major range, where we could potentially have big resistance and it is also going to be the 618 region from this drop. Potential targets that we can hit in the next couple of weeks might take some time to get up there. But this is my take on the BTC price – this is an insane, kind of swing failure pattern on the daily. We tried to tempt this break this low. Now we have printed an engulfing pan candle bigger than the red one. As you can see, this basically shows a little bit of strength and a potential continuation to the upside before we actually start printing some other candles and maybe get a rejection. This is very possible.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/B8fFvys0Bq0