I'm bullish on Bitcoin short-term, bearish mid-term; here is why (technical analysis)

By Emad | honarparvar | 6 Feb 2022


I'll try to keep it simple:

BUT we have a negative (bearish) divergence now in the 4h which is not yet filled, so in the daily chart we expect a pick, as the indicator is also overbought.

if that happens (which is very probable) there would be a bearish divergence in daily chart, between 16 Jan pick and 6 or 7th Feb (22 bars distance, which is not very close)

I assume the drop is like a pullback to the rising wedge which broke beautifully (point A in the chart)

9ef4aaa22789e2defebe2047a74df350e637056d875762600a027635323ed72e.png

then there would be another rally up, probably to the 50% to 61.8% fibo level (ATH to 24 Jan dip) which is around $51 - $55K

Or even if a new all time high happens (which would be $74k) 

but I am very bearish once one of these targets achieved.

WHY?

if the move limits to $55K, in the weekly chart there would be a head and shoulders pattern:

e58dcdc12e5dbdd722c9f673d4eb40dec124f3020f6121c3b5ac8ac23131e237.png

if a new all time high shows up, there would be a three-drive pattern:

33ca66306ee283870024c422be37ed1d53b80fa0a89d6b6bce78dfa727da4e94.png

I will keep this thoughts updated in my blogs (Publish, steemit and hive) also on my twitter and TradingView accounts. you can find me all these places @honarparvar :)

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Emad
Emad

youtuber, business developer and Crypto enthusiast


honarparvar
honarparvar

Writing is my addiction!

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