A Complete Analysis of Bitcoin : Both Bull and Bear Side!!!
This post is about Analysing Bitcoin using Multiple Methods and discovering important levels to watch for Bitcoin.
I will be reviewing and analysing both Bear and Bull side of Bitcoin.
---------- 1) Important Levels for Bitcoin -----------
1. Using Support & Resistance :- As you can see 39-40k is First Key Zone to watch as Demand Zone for Bitcoin.
2. Using Log Regression Channel :- Using this method, we can see by extending Lower side of UPPER Channel of Log Regression Channel that 38-39k might act as strong support where BTC might bounce from.
3. Using Volume Profile :- First Big Volume Shelf is sitting at 39-40k Zone, that might be indicating Strong support Zone in that area.
4. Using Fibonacci Levels :- Using Fib Levels, we can see that 0.618, the Golden Ratio Zone is also sitting at 40k Level.
Thus, Four Different Methods are Indicating 39-40k Level as STRONG SUPPORT ZONE from where BTC Might Bounce from.
----------- 2) EW Speculative Count for Bitcoin -----------
1. Long-term Elliot Wave Count :- I do believe we are in Wave 4 right now and Wave 5 would be coming that would take BTC upto 80k-100k level.
2. Mid-term Elliot Wave Count :- In Wave 4, we are working on making an Expanded Flat Correction and We are in Wave C of ABC Correction of Wave 4.
3. Short-term Elliot Wave Count :- We MIGHT be in Wave (b) of Wave B of Wave C right now.
For Explaining my idea of Expanding Flat, i would like to attach my previous idea here :-
-------- 3) Why Bears are looking Extremely Strong ------
1. Head & Shoulder :- Bitcoin has printed a very clean Head & Shoulder Pattern on bigger timeframe with Target Price on 16-17k which is endangering for Bulls.
2. Death Cross :- A Potential Death Cross might be coming for Bitcoin.
3. Bear Flag :- Below we can clearly see that Bitcoin has broken down from a Bear flag.
------- 4) Why do i Expect a Good bounce soon from BTC for Bull's Sake ? ---
1. Divergence on Weekly Timeframe in Making :- Massive Bullish Divergence in Progress on Weekly Timeframe.
2. Divergence on 2-Day Timeframe in Making :- Massive Bullish Divergence in Progress on 2-Day Timeframe.
3. Double Bottom :- A Double Bottom MIGHT be in making and upon further decline in BTC Price 38-40k Zone should act as Good Support Zone.
4. Logical Reasoning :- If BTC would move impulsively and Bounced strongly from 38k-40k Zone then, when Bitcoin will go to 48-50k or even 53-56k then it would change mass mentality from Extremely Bearish to Here comes the moon and here comes the 80-100k, the moonboys. It would be a perfect DEAD CAT BOUNCE up until 48-50k or even 53-56k from 38-40k Zone.
------ 5) Short-term Bitcoin Expectation ------
1. Some More Downside :- I am expecting BTC to retest 38-40k Zone and this is just wait game now.
In the end, i would like to Mention, Market can do whatever it likes to do. Market likes to Teach us a lesson EVERY SINGLE TIME.
Thus, I am fine with being Wrong.
Bitcoin just might go up from this point, who knows.
But, we have to determine and analyse all possibilities of what might happen and follow one Biased approach that seems more likely to OCCUR.
But if BTC actually did not bounce from 38-40k level then 30k would be the NEXT Major Support Level i would be watching for.
None of the info given is a financial advice. These are my own views that what i am watching and expecting and looking out for.
I hope it will give you clear information and certain levels that i am watching.
Also, please do let me know if i made any mistake.
I will be reviewing and analysing both Bear and Bull side of Bitcoin.
---------- 1) Important Levels for Bitcoin -----------
1. Using Support & Resistance :- As you can see 39-40k is First Key Zone to watch as Demand Zone for Bitcoin.
2. Using Log Regression Channel :- Using this method, we can see by extending Lower side of UPPER Channel of Log Regression Channel that 38-39k might act as strong support where BTC might bounce from.
3. Using Volume Profile :- First Big Volume Shelf is sitting at 39-40k Zone, that might be indicating Strong support Zone in that area.
4. Using Fibonacci Levels :- Using Fib Levels, we can see that 0.618, the Golden Ratio Zone is also sitting at 40k Level.
Thus, Four Different Methods are Indicating 39-40k Level as STRONG SUPPORT ZONE from where BTC Might Bounce from.
----------- 2) EW Speculative Count for Bitcoin -----------
1. Long-term Elliot Wave Count :- I do believe we are in Wave 4 right now and Wave 5 would be coming that would take BTC upto 80k-100k level.
2. Mid-term Elliot Wave Count :- In Wave 4, we are working on making an Expanded Flat Correction and We are in Wave C of ABC Correction of Wave 4.
3. Short-term Elliot Wave Count :- We MIGHT be in Wave (b) of Wave B of Wave C right now.
For Explaining my idea of Expanding Flat, i would like to attach my previous idea here :-
-------- 3) Why Bears are looking Extremely Strong ------
1. Head & Shoulder :- Bitcoin has printed a very clean Head & Shoulder Pattern on bigger timeframe with Target Price on 16-17k which is endangering for Bulls.
2. Death Cross :- A Potential Death Cross might be coming for Bitcoin.
3. Bear Flag :- Below we can clearly see that Bitcoin has broken down from a Bear flag.
------- 4) Why do i Expect a Good bounce soon from BTC for Bull's Sake ? ---
1. Divergence on Weekly Timeframe in Making :- Massive Bullish Divergence in Progress on Weekly Timeframe.
2. Divergence on 2-Day Timeframe in Making :- Massive Bullish Divergence in Progress on 2-Day Timeframe.
3. Double Bottom :- A Double Bottom MIGHT be in making and upon further decline in BTC Price 38-40k Zone should act as Good Support Zone.
4. Logical Reasoning :- If BTC would move impulsively and Bounced strongly from 38k-40k Zone then, when Bitcoin will go to 48-50k or even 53-56k then it would change mass mentality from Extremely Bearish to Here comes the moon and here comes the 80-100k, the moonboys. It would be a perfect DEAD CAT BOUNCE up until 48-50k or even 53-56k from 38-40k Zone.
------ 5) Short-term Bitcoin Expectation ------
1. Some More Downside :- I am expecting BTC to retest 38-40k Zone and this is just wait game now.
In the end, i would like to Mention, Market can do whatever it likes to do. Market likes to Teach us a lesson EVERY SINGLE TIME.
Thus, I am fine with being Wrong.
Bitcoin just might go up from this point, who knows.
But, we have to determine and analyse all possibilities of what might happen and follow one Biased approach that seems more likely to OCCUR.
But if BTC actually did not bounce from 38-40k level then 30k would be the NEXT Major Support Level i would be watching for.
None of the info given is a financial advice. These are my own views that what i am watching and expecting and looking out for.
I hope it will give you clear information and certain levels that i am watching.
Also, please do let me know if i made any mistake.
Comment:
BTC update :-
