As we head into December, We can see that the major drops I had predicted since November 14th has occured.
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 support zone....
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 Technical Analysis depicts. Follow my Page for my updates.
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Keep an eye on this chart, I will be announcing when I personally go all in on Bitcoin for the next rally
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Capitulation is over!!!! Buy now!!!!
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As a looming death cross nears the long term target for BTC in this upcoming bear market is support one
Capitulation is over and I am now bullish and back in the market and will dollar cost average in with as much expendable capital that I have until further TA conducted says otherwise. I will also be back here on this chart to announce when I sell and leave the market to increase my position even further! Hope you all had a wonderful holiday! And stack those Sats!!!!
mrmtech
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yeah i see the death cross 100 & 200 sma on the daily
UnknownUnicorn2760874
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Good work
HaroldW
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I like your take on "wash out" for BTC into January. Intel from A.N. Other said the same and keyed towards early January to mid month. I am trading small scalps down and will wait for buying opportunity. I waited too long this spring but the ball came back to my end of the court and my second chance for a "free throw" to tie the game up. Thanks for your chart.
ILL_Midas
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@HaroldW, Your welcome, feel free to leave a follow! I missed out on March 2019 too. Even though I was watching the golden cross happen, and even though I was calling for a rally, I didn't have the capital to put in at the time. So I absolutely feel the same way. Also I feel that after BTC rewards are cut down to 6.25 in May 2020 BTC inflation rate will be lower than the US Dollar, and I truly believe after this halvening BTC will see all time highs. I'm thinking around October 2020 but could extend out Further. Will have to conduct analysis at that time.
HaroldW
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@KingMidas423, once I read and looked at your chart I did not hesitate to click, "follow". Thanks again for taking the time to put up intel and such a nice chart.
ILL_Midas
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@HaroldW, awesome I appreciate it. It's not widely known information, but I want to help as many people as possible before we go into the digital decade. If you search for the hash ribbon indicator and bring it up on your chart it will literally show you when to buy as you can see in my chart the hash ribbon also called the bottom into 2019 and shortly after the 50ema crossed above the 200 ema and formed a golden cross which provided double confirmation of a brief rally. The real rally is soon within a year or two
B166ERcrypto
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Finally someone else with the symmetrical triangle on their chart! Followed!
ILL_Midas
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@B166ERcrypto, Haha thanks. Yeah I only trade Bitcoin on its cycles lol. I learned my lesson a long time ago trying to trade it using traditional TA. I have finally learned the financial tool that BTC truly is.
B166ERcrypto
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Kudos. I am dollar cost averaging from now until March. Laddered with margin.