Been trying to find time for this post looking at the larger picture of BTC.
Currently, the most critical price point is The 12k Line .
This line is such a critical price point at this current moment, as there are equal amounts of evidence to support both Bullish and Bearish scenarios occurring on the one line.
I have broken down both a Bullish and a Bearish scenario as both of these scenarios have equal amounts of evidence supporting them.
Now, lets start with the semi bad news :
BEARISH SCENARIO : 5 Waves Down
Looking at the larger picture and counting the Elliot Waves, there still seems to be a wave missing. The 'E' Wave .
Now i know we have heard this "lower low" constantly and it gets a bit draining, but there are so many signs pointing towards it and i do not see it being thrown off the table just yet.
Currently, we are watching a perfect Bear Flag form, and this thing is juicy big.
The 12k Line appears in this situation as the Fifth Wave up within the Bear Flag walls.
If this is to play out, we will see a bounce downwards from 12k which may eventually push us into that below 4-5k territory.
So yeah things could get pretty scary if we do see a bounce around the line downwards. but it all depends if we end up breaking down and the Bear Flag plays out, or we break upwards with the Bullish Scenario below.
BULLISH SCENARIO: Inverted Head & Shoulders Combination
We can see an Inverted Head & Shoulders forming with a neckline directly on which line? You guessed it, THE JUICY 12K LINE BABY
Upon breakout if this is H&S is to occur, prices could rise to a potential target of $17,500.
Now, if this Inverted H&S plays out and we see prices rise to $17,500, WE SEE ANOTHER LARGER INVERTED HEAD AND SHOULDERS FORM!!
This one however, with a neckline of 17k.
Now after that right shoulders forms, and we possibly breakout above 17k...
ALL WE SEE IS JUICY JUICY GAINZ
With a targeted potential sitting at around.. welll... $28,843
So, yeah. These two scenarios are what i have been keeping my eye on recently, but really there is not much we can do until we see how prices move at a point, and one point only.
The 12k Line.
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!