Bitcoin is getting closer and closer to a massive move, and the move might likely happen today!
Just like we said in the previous article, we did see a bearish divergence play out just like we predicted. According to the charts, we had a descending triangle, and if we did see a move to the upside, we could make a move of up to thirty-six thousand.
We risk approximately one or two percent, and we target these levels. We could see a move at the level of 12.5%.
A different but more conservative way would be to target the previous high, which would be an eight percent straight up to thirty-four point five approximately.
So it seems that we have to wait for the breakout. If we were to break down out of the descending triangle, then this would mean that we could entertain a short position.
And we could target the level down at $26,500, which could mean a 13% trade. A big move is definitely on the way. I think looking at the bitcoin trade charts that we can see the volume moving down.
And usually, that is a sign that a big move is coming. If you want to be a little bit more conservative on this short target, I would probably target the range of $27,800 level approximately because of previous resistance.
I think this will be very exciting to follow guys because if we do break to the upside. It could be a sign that we didn't see this blow-off top yet and that we will see a massive next big leg up.
This big next leg up could be literally to $40,000 by tomorrow or so.
On the flip side, here's what could emerge
If we do break down, that will solidify or make it more likely that this was the top that we already saw. And a bigger correction is just around the corner. Some people will tell you it's not likely.
But I think that bitcoin would go down as much as $20,000 and possibly even lower than$17,000. However, if we see a huge pump up to $40-50k, then obviously it won't correct that low. Asides from that, watch out for a potential correction.
