This is the broad view of Bitcoin. Looking at this chart, you can see how it has progressed throughout the entire history of its existence. There is absolutely no denying that it has held this rising arch (in blue) for nearly a decade. As a technical analyst, I can't deny that this arch is incredibly important to the progression of Bitcoin. Many people don't think we will return to the 3000-4000 range, and that's fine. Everyone is entitled to their opinion. However, I do believe that we will most likely return to the 3000-4000 range, and I have published a lot of technical evidence to justify my position.
Today, I'm going to share another reason why I believe that Bitcoin will return to the 3000-4000 range. First off, in every bear market Bitcoin has ever had, it has touched the bottom of the blue arch before the next bull market began. Granted, there have only been two prior bear markets. Though, each one has produced at least one touch of the bottom of the arch. Knowing this, I think there is a high probability that Bitcoin will once again return to the bottom blue arch, before entering the next bull market. From my view, that could happen at 3000 or even lower, depending on how fast BTC moves down from here. Now, I don't really think we will dip below 3000, but it is definitely possible. Especially since the bottom of the arch is still well below 3000.
The second reason I would like to present today, for why I believe that the market is going to have a nasty pullback, is the NVT. I'm not sure why, but I see a lot of people hating on this beautiful indicator. They say "oh it needs to be calibrated" and "it should only be viewed on some other time-frame than the one you're looking at" and blah blah blah. I don't care what anyone on the face of this earth has to say about the NVT. All I can see, is an indicator that has never failed. NOT ONCE! That's pretty flipping incredible if you ask me. Just look at the signals! I've extended them vertically so that you can see the reaction that price had on the chart. Literally every signal was a success. EVERY SIGNAL. Now, it's flashing a powerful sell signal. Each time we had a weekly sell signal in the past, the market fell at least to the 61.8% retrace. Currently, that's around where? Oh yeah, 4,100!! Most NVT weekly sell signals sent BTC even deeper than that. So, I think it is very realistic, from a technical perspective, that Bitcoin could fall dramatically. That's not to say that I don't think it will be enormously valuable in the future. Quite the contrary. I'm just smart enough to recognize the danger signs when they're there. Right now, I see many danger signs. Did I mention the weekly 50 EMA (in black) on this chart, which we were just rejected at? Even if we did somehow manage to get above that, there is an ENORMOUSLY POWERFUL CEILING OF RESISTANCE all around 6000! I've made my profits, and now I'm waiting for this bad boy to cool down so I can load my boat again. In the long term, Bitcoin will soar! But for now, there is more downside and sideways chop left in the market.
As you can see by the arrows on my chart, I expect that we will continue to chop sideways between the 6000 range and 3000ish for the majority of 2019, and possibly even into early 2020. I don't necessarily believe that we will see lower low, but it could happen. Particularly near October, based on cyclical market analysis that I've shared in the past. Anyway, that's my view for 2019.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Today, I'm going to share another reason why I believe that Bitcoin will return to the 3000-4000 range. First off, in every bear market Bitcoin has ever had, it has touched the bottom of the blue arch before the next bull market began. Granted, there have only been two prior bear markets. Though, each one has produced at least one touch of the bottom of the arch. Knowing this, I think there is a high probability that Bitcoin will once again return to the bottom blue arch, before entering the next bull market. From my view, that could happen at 3000 or even lower, depending on how fast BTC moves down from here. Now, I don't really think we will dip below 3000, but it is definitely possible. Especially since the bottom of the arch is still well below 3000.
The second reason I would like to present today, for why I believe that the market is going to have a nasty pullback, is the NVT. I'm not sure why, but I see a lot of people hating on this beautiful indicator. They say "oh it needs to be calibrated" and "it should only be viewed on some other time-frame than the one you're looking at" and blah blah blah. I don't care what anyone on the face of this earth has to say about the NVT. All I can see, is an indicator that has never failed. NOT ONCE! That's pretty flipping incredible if you ask me. Just look at the signals! I've extended them vertically so that you can see the reaction that price had on the chart. Literally every signal was a success. EVERY SIGNAL. Now, it's flashing a powerful sell signal. Each time we had a weekly sell signal in the past, the market fell at least to the 61.8% retrace. Currently, that's around where? Oh yeah, 4,100!! Most NVT weekly sell signals sent BTC even deeper than that. So, I think it is very realistic, from a technical perspective, that Bitcoin could fall dramatically. That's not to say that I don't think it will be enormously valuable in the future. Quite the contrary. I'm just smart enough to recognize the danger signs when they're there. Right now, I see many danger signs. Did I mention the weekly 50 EMA (in black) on this chart, which we were just rejected at? Even if we did somehow manage to get above that, there is an ENORMOUSLY POWERFUL CEILING OF RESISTANCE all around 6000! I've made my profits, and now I'm waiting for this bad boy to cool down so I can load my boat again. In the long term, Bitcoin will soar! But for now, there is more downside and sideways chop left in the market.
As you can see by the arrows on my chart, I expect that we will continue to chop sideways between the 6000 range and 3000ish for the majority of 2019, and possibly even into early 2020. I don't necessarily believe that we will see lower low, but it could happen. Particularly near October, based on cyclical market analysis that I've shared in the past. Anyway, that's my view for 2019.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-