Welcome Back!
We are at a very key point in Bitcoins cycle. I expect volatility one way or another!
Strap on your seat belts boys and girls, this ones about to get interesting.
Taking a look at the daily time frame lets dive in and see whats at stake between the bulls and bears.
After 40 weeks of hell prices finally broke through support that held us inside this Descending Triangle.
Yes, this was a descending triangle, NOT A FALLING WEDGE.
This is something that often happens with an extended 5 wave which we saw in 2017 on the rally to $20k.
Now, the problem with this is the fact a strong bear move is expected whenever prices see as much euphoria as we did in 2017.
Some call this a, "problem" however, I see this as the best thing for Bitcoin. Or at least... Myself when it comes to accumulating cheap BTC lol.
Bitcoins bear market has been constructed through a series of ABC retraces which I have indicated by the above chart.
The break from $6k saw us complete the C leg of the most recent ABC retrace. With that being said, we can expect another to form in this ones place.
Now, with descending triangle and even Ascending triangles we often see a retest of the point of breakout. A retest should take us to about the $5,500 range(My Target)
This isnt mandatory and its possible we see further downside before we get a significant bounce on the upside.
I point this out because a retest would also line up perfectly with the previous trend line that held us for over a year.
However, this trend line is going to now act as resistance moving forward.
If support fails i expect this to get bloody very fast which is why it's best to protect yourself during time of uncertainty.
If you expect a bounce now is your chance at a perfect entry before we go higher but thats up to your own trading plan.
Taking small, manageable positions in this time could be seen as a steal considering we have already corrected 84-85% from ATH.
Considering the view as we crash from here my targets are going to be $2,500 to $1,800.
God Bless, JolleyCrypto @D.I.Y Investing
We are at a very key point in Bitcoins cycle. I expect volatility one way or another!
Strap on your seat belts boys and girls, this ones about to get interesting.
Taking a look at the daily time frame lets dive in and see whats at stake between the bulls and bears.
After 40 weeks of hell prices finally broke through support that held us inside this Descending Triangle.
Yes, this was a descending triangle, NOT A FALLING WEDGE.
This is something that often happens with an extended 5 wave which we saw in 2017 on the rally to $20k.
Now, the problem with this is the fact a strong bear move is expected whenever prices see as much euphoria as we did in 2017.
Some call this a, "problem" however, I see this as the best thing for Bitcoin. Or at least... Myself when it comes to accumulating cheap BTC lol.
Bitcoins bear market has been constructed through a series of ABC retraces which I have indicated by the above chart.
The break from $6k saw us complete the C leg of the most recent ABC retrace. With that being said, we can expect another to form in this ones place.
Now, with descending triangle and even Ascending triangles we often see a retest of the point of breakout. A retest should take us to about the $5,500 range(My Target)
This isnt mandatory and its possible we see further downside before we get a significant bounce on the upside.
I point this out because a retest would also line up perfectly with the previous trend line that held us for over a year.
However, this trend line is going to now act as resistance moving forward.
If support fails i expect this to get bloody very fast which is why it's best to protect yourself during time of uncertainty.
If you expect a bounce now is your chance at a perfect entry before we go higher but thats up to your own trading plan.
Taking small, manageable positions in this time could be seen as a steal considering we have already corrected 84-85% from ATH.
Considering the view as we crash from here my targets are going to be $2,500 to $1,800.
God Bless, JolleyCrypto @D.I.Y Investing
Comment:
Succesful retest of the previous trend line. Based off how price is impulsing I expect us to still go higher up.