Bitcoin is currently fighting to stay above the major Support line that developed back in march of this year 2019 when Bitcoin had the golden cross and rallied to 13k zone.
This support line is set to break as we are no where near the end of our capitulation cycle. as you can see on the chart labled "C2"
Allow me to further explain...
Back in November 2018 we capitualted around the same time and the cycle brought us from $6,400 down to $3,200 once capitulation reached it's peak.
See C1 label on chart.
From these two capitulation zones we can chart our next two ....
First support being set to $6,400 labeled on chart as S1
If we fail to hold $6,400 zone, Then we will see another 50% capitulaiton completeing a 100% retracement back down to our previous capitulation lows of $3,800 Labeled on chart as S2
And If $3,400 doesn't hold... Well We could see $2,500 low
Labeled on chart as "MOAB" Mother Of All Buys
As Of right now, I am predicting our capitulation cycle will be completed in January. I will be buying in March of 2020 where I will hold until October or until further depicts. Follow my Page for my updates.