BTC: The Low Must Be In! Otherwise it’s a failure

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Here is a great tool for illustrating macro BTC moves - Bitcoin Log Growth Curves. This tool did amazing job in pointing out the tops and bottoms.

Now we see that the price reached the bottom line of this Logarithmic channel, which is sitting at 7.6k, and, historically speaking, this must be the low.

If we lost this tremendous support, the market structure would be completely broken!

If 7.6k does not hold on the weekly basis, there are two outcomes I am looking for:
1) a full retrace and printing a slightly lower low at ~6300
2) going all the way down to MA200 (currently sitting at 5.5k)
Both scenarios are devastating for Moon Boys who have been counting on a new All-Time High before the halving. Either way, this is going to be the Greatest Buying Opportunity to prepare for the upcoming Bull Run.


Remark: The macro economic environment is crazy these days and first of all we need to see the stock market bottoming out and reversing in order to consider that the ultimate low before the halving is in. The world economy is dealing with a Black Swan right now and this factor can play a tricky thing


Let’s take a look at BTC daily chart and figure out why 7.6k is important

7.6k is the breakout level of January 2020 + 0.236 Fib and we just tested it
Yesterday’s daily candle closed like a reversal hammer candle confirmed with the biggest volume since January 14th. Moreover, we managed to close the daily above the last high volume node on VPVR

And also there was a small CME Gap at 7670 and we filled that Gap

Now look at this weekly chart

A HUGE triangle formation can be drawn using the tops and bottoms and coincidentally the BTC Halving is to occur in the apex of the triangle.

Another point is that if we go lower than 7.5k, we’ll break down that very critical support Trendline and in addition that potential huge inverted Head & Shoulders pattern will get invalidated.


Conclusion: BTC must hold 7.6k as the final low before the halving, otherwise things will get very nasty.



What do you think about it? Share your thoughts in the comments!




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The information given is never financial advice. Always do your own research.

Comment:

7.6k didn't hold and like I was expecting we followed the second scenario and reached the vicinity of EMA200 & MA200 on the weekly