SAMT Blog
Bitcoin: BTCUSD 100k or 10k? UPDATE
30. March 2022, by SAMT Guest
Technical Analysis, Update, Guest Author Article
In our latest article published on this BLOG here on January 18, 2022, we observed the BTCUSD price action followed through our estimated Scenario 2, as we can notice below:
The break of the Critical level for the H&S pattern, 41300, brought the price of the instrument to below the Point of Liquidity, around 33800, on the week of January 24, confirming the scenario with an approximate 20% downward move.
After bouncing for a few weeks between the Point of Liquidity and the Critical level, BTCUSD broke through a Triangle Pattern on March 22, and has been on a upward move of some 16% (trading at 47815 at the time of writing ) ever since, as we can see below on the Daily Chart.
Our present expectation is that BTCUSD will test the Shoulder / Neckline level 52217 in the following weeks, (we estimate a cycle TOP for May 4), when either of the two scenarios will likely unfold:
Scenario 1: BTCUSD will reverse course at the Neckline around the 52217 level, and retest the critical level of for the H&S Pattern, around 41300. In turn, a weekly close below the latter level will resume the downward move of the H&S pattern to the mid to long term horizon.
Scenario 2: BTCUSD will break through the level of 52200, consolidate above the Neckline and test the resistance level of 63150 around the average levels of the of the Head on the pattern.
At the Charles Nenner Research Center we provide technical studies in various markets based on market cycles, predicting the top and bottom of the cycles in the future. Please refer to charlesnenner.com/free-trial/ for a one month free subscription.
About the author
Antonio Ramos is an entrepreneurial Investment Advisor with over 10 years experience in Financial Services, accomplished with the Level III exam from MTA/CMT, Antonio has worked in a number of asset management companies in Switzerland, and has used technical analysis as the base premiss to market approach in various asset classes such as Equities, FX, Commodities and Cryptos, in diverse markets like Latin America, Europe and South-east Asia.
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