Hello everybody. Let's start 2020 on a right foot!
After couple weeks not looking at charts I decided to make another bearish scenario just in case previous one does not play out.
Both bearish scenarios would keep me bullish on macro view.
So not long ago I posted a chart where I look at btc price action and noticed possible double three correction pattern (will leave a link and idea below this idea).
Looking at this chart, everything screams BEARISH to me.. Even if we jump towards 8.5k in Q1, break of 6k with confidence is possbile & mini bear market might continue.. MACD suggests more blood in coming months untill summer. That's another 6months of possible pain for bulls.
We're in 4th wave on multi-year chart and that would actually make sense. Sideways and flattening price action as much as possible before 5th wave that will blow the roof one last time before REAL, DECADE LONG bear market.
Wanted to share this, as it's not valid until we take out previous low at 3k and the target I'm looking at rn is around 2-2.5k.. WE SHOULD NOT GO LOWER AS IF WE TOUCH PREVIOUS HIGH OF 1.2K There's a big risk that real bear market could start from there on..
For those that will mention halving in 2020 MAY - Look at LTC/USD since Halving in August. It's been down ever since.. That could be a good example that halving is not more important than market cycles / trend and macro wave counts.. These assets are still highly speculative and halving could be used against new crowd of investors. Go look up LTC/USD chart since summer, you'll see what I mean.
To sum up.. 2020 will be insanely interesting for many asset classes..
That's my previous idea which is STILL VALID UNTIL IT'S NOT! :)
After couple weeks not looking at charts I decided to make another bearish scenario just in case previous one does not play out.
Both bearish scenarios would keep me bullish on macro view.
So not long ago I posted a chart where I look at btc price action and noticed possible double three correction pattern (will leave a link and idea below this idea).
Looking at this chart, everything screams BEARISH to me.. Even if we jump towards 8.5k in Q1, break of 6k with confidence is possbile & mini bear market might continue.. MACD suggests more blood in coming months untill summer. That's another 6months of possible pain for bulls.
We're in 4th wave on multi-year chart and that would actually make sense. Sideways and flattening price action as much as possible before 5th wave that will blow the roof one last time before REAL, DECADE LONG bear market.
Wanted to share this, as it's not valid until we take out previous low at 3k and the target I'm looking at rn is around 2-2.5k.. WE SHOULD NOT GO LOWER AS IF WE TOUCH PREVIOUS HIGH OF 1.2K There's a big risk that real bear market could start from there on..
For those that will mention halving in 2020 MAY - Look at LTC/USD since Halving in August. It's been down ever since.. That could be a good example that halving is not more important than market cycles / trend and macro wave counts.. These assets are still highly speculative and halving could be used against new crowd of investors. Go look up LTC/USD chart since summer, you'll see what I mean.
To sum up.. 2020 will be insanely interesting for many asset classes..
That's my previous idea which is STILL VALID UNTIL IT'S NOT! :)
