Hi all!
I hope everyone is holding together and not panicking right now. I know its hard, trust me it's been a hard week for everyone. We have to keep learning, building and pushing forward though. BTC and block chain tech is here to stay and this is all part of the cycle. So, here's my view on BTC for the short term and for the next year or so. I have a couple of scenarios as you can see, one bullish and one bearish and here's why.
We have seen a massive sell off in BTC with some huge panic candles on the daily and weekly. Is the bottom near? Maybe!
The 200 EMA sits around 4150 so I'm looking for wicks down to this line with a bounce on the weekly.
The deep trend line which dates back to nearly the creation of BTC is nearing and currently sits around 4450. We can wick down from this but if we close a weekly candle and a confirmation under this line it could be very bad news indeed and we may see my bearish scenario play out and push us down to the next support of around $2,650.
The support level is currently strong around the $4,250 -$3,500 level.
All these things coinciding indicates that maybe a level around $4,250-$4,150 may be the final bottom in the next few days.
From there we could see and a spring up to the low $8,000's, retest the support in the low $6,000's and so on until we reach the all time high about this time next year.
If we cannot hold this I expect a drop to the next support around the $2,650. At this stage though I don't think there are to many reasons to think this is in play.
It's been a bearish last 11 months but I feel it's coming to an end.
What do you think? I'm still learning and even if you agree, disagree or have another reason to back up my claim. Let me hear it!
I hope everyone is holding together and not panicking right now. I know its hard, trust me it's been a hard week for everyone. We have to keep learning, building and pushing forward though. BTC and block chain tech is here to stay and this is all part of the cycle. So, here's my view on BTC for the short term and for the next year or so. I have a couple of scenarios as you can see, one bullish and one bearish and here's why.
We have seen a massive sell off in BTC with some huge panic candles on the daily and weekly. Is the bottom near? Maybe!
The 200 EMA sits around 4150 so I'm looking for wicks down to this line with a bounce on the weekly.
The deep trend line which dates back to nearly the creation of BTC is nearing and currently sits around 4450. We can wick down from this but if we close a weekly candle and a confirmation under this line it could be very bad news indeed and we may see my bearish scenario play out and push us down to the next support of around $2,650.
The support level is currently strong around the $4,250 -$3,500 level.
All these things coinciding indicates that maybe a level around $4,250-$4,150 may be the final bottom in the next few days.
From there we could see and a spring up to the low $8,000's, retest the support in the low $6,000's and so on until we reach the all time high about this time next year.
If we cannot hold this I expect a drop to the next support around the $2,650. At this stage though I don't think there are to many reasons to think this is in play.
It's been a bearish last 11 months but I feel it's coming to an end.
What do you think? I'm still learning and even if you agree, disagree or have another reason to back up my claim. Let me hear it!