For all the euphoria that currently prevails.
Soberly, there is every reason to regard BTC as very pessimistic in the medium term.
This is not a recovery yet. Carefully compare this chart with the course of the actual recovery in late 2015, early 2016:
Notice where the price was at in terms of MA123 (green) and Fibbonaci Levels and where the price is at now.
Soberly, there is every reason to regard BTC as very pessimistic in the medium term.
This is not a recovery yet. Carefully compare this chart with the course of the actual recovery in late 2015, early 2016:
Comment:
So what does it tell us?
Should we hit new lows in 2019?
Is $2.5k or lower still possible?
Nobody can tell you for sure. In principle everything is possible. The only question is how likely it is. The way I see it, if the price does not visit the next higher Fibonnachi levels soon, i.e. rising to $ 4,386 and then on to $ 4,855 shortly thereafter, but keeps struggling around $ 3,917, it's becoming increasingly difficult to hold and more likely that level will eventually break. Then it will be more likely to fall back $ 3,337 and then futher down to $ 2,400 with each day.
Should we hit new lows in 2019?
Is $2.5k or lower still possible?
Nobody can tell you for sure. In principle everything is possible. The only question is how likely it is. The way I see it, if the price does not visit the next higher Fibonnachi levels soon, i.e. rising to $ 4,386 and then on to $ 4,855 shortly thereafter, but keeps struggling around $ 3,917, it's becoming increasingly difficult to hold and more likely that level will eventually break. Then it will be more likely to fall back $ 3,337 and then futher down to $ 2,400 with each day.
Comment:
The bottom will not be confirmed until the order of MA lines, viewed from top to bottom, turns from blue-red-green (now) to green-red-blue. I do not expect this to happen in the next few weeks, if at all, then in a few months.
2018/2019 (log scale):