Here i am referencing the old structure of the last leg of 2014-2015 sell off- Notice the small bounce off of the oversold RSI level, then followed by a continuation into wave 3/3 towards the eventual bottom at $200. I believe we are in for a similar market cycle to play out here, with the initial bounce coming at 3k, perhaps rallying into 5k levels, then a continuation sell-off as all the moving averages meet price with heavy resistance - the next leg of lows could take btc all the way down to $2,000 levels, perhaps even $1,200. this would be consistent with the 2014-15 bear market. Note: this time we are meeting the 200 week MA at these higher levels (3,200) and so a break below this could be devastating, as we have NEVER seen a weekly close below this average in BTC history. This is why i am expecting a solid rally off of this 3k level, and will re-evaluate afterwards.
Either way, it will be a very bumpy ride before we can expect BTC to return to former glory.
I will continue to update this idea with further developments in the future.
best of luck, hit the thumbs up!
Either way, it will be a very bumpy ride before we can expect BTC to return to former glory.
I will continue to update this idea with further developments in the future.
best of luck, hit the thumbs up!
