Bitcoin – Gold ($16.000) or Silver ($10.000)?
Based on the two patterns I follow (Gold and Silver), Bitcoin could go two ways:
Gold Pattern: retest of nr. 11 @ $16-17k area. Buy 10k, sell 16k.
Silver Pattern: retest of nr. 12 @ $10k area. Buy 10k, sell 13k.
Short term strategy: If BTC goes down to $10k area, I will add more for target 13k. If BTC goes up to $13k-15k+ without testing 10k support, then the Gold Pattern will likely lead the way and $16.000 will be tested. That’s when I will close most of my current positions (if possible).
So far, the Silver Pattern has been spot on, but at some point the patterns will diverge and that’s when they lose their “predictive” power. So use the price levels I mention to check if the patterns remain valid. If price breaks above nr. 11, both patterns become invalid. A break above nr. 9 to new ATH is bullish. Till then, I follow the patterns as if history will repeat. Same play, different actors.