This is my Bitcoin projection. After we fell out of the 1st descending triangle in 2014. We bounced much higher than the bottom, then it was about 77% fall to the bottom.
In this 2018/19 Bear Market, we had the 1st descending triangle and fell down to 3k. This bounce we're having now as of 5/11/19, is already past the bottom of the descending triangle which was at 6.1k ish, depending on how you want to draw it.
The bounce could go as high as 8500 roughly, and then the drop would be down to about 2k. If we stop bouncing here around 6900/7k. We could drop as low as the 1300 target that the big bears like Tone Vays and Tyler Jenks still have on the table. Many people are calling the current bottom of 3k as the bottom of the Bear Market. But in my opinion, we did not consolidate enough between 3k and 4k. The 3-4 months of consolidation was not enough to signify a bottom. Now with a mega pump from 3k up to 7k as we speak. This is not a sign of a healthy trend reversal. We need a long period of consolidation and healthy growth and trend up in the market. Parabolic pumps generally come crashing back down, just as hard as they pumped up.
If we're going to base this current Bear Market off of the last. I expect this current bounce to top between 7k - 8500. Consolidate into another triangle, and then break back down to make new lows between 2000-1300.
In this 2018/19 Bear Market, we had the 1st descending triangle and fell down to 3k. This bounce we're having now as of 5/11/19, is already past the bottom of the descending triangle which was at 6.1k ish, depending on how you want to draw it.
The bounce could go as high as 8500 roughly, and then the drop would be down to about 2k. If we stop bouncing here around 6900/7k. We could drop as low as the 1300 target that the big bears like Tone Vays and Tyler Jenks still have on the table. Many people are calling the current bottom of 3k as the bottom of the Bear Market. But in my opinion, we did not consolidate enough between 3k and 4k. The 3-4 months of consolidation was not enough to signify a bottom. Now with a mega pump from 3k up to 7k as we speak. This is not a sign of a healthy trend reversal. We need a long period of consolidation and healthy growth and trend up in the market. Parabolic pumps generally come crashing back down, just as hard as they pumped up.
If we're going to base this current Bear Market off of the last. I expect this current bounce to top between 7k - 8500. Consolidate into another triangle, and then break back down to make new lows between 2000-1300.