There have been a lot of blindly optimistic charts out there that kept calling for an immediate bullrun to $10,000 or more.. based on nothing. First off, we need to acknowledge that Bitcoin is in a bear market. The MACD clearly shows it. Look at the undeniable similarities of the MACD and Histogram of the 2017 bullrun and the 2019 bullrun. An interesting observation is that on the 1-Week Scale, the RSI hit the lowest its been since 2012 on Dec 10th 2018. By the looks of it, the RSI is heading back to that level.
We can clearly see that Bitcoin DID have it's bullrun of this year. $3,000 to $13,800 is a run of over 350%. How much more can people ask for? Is the greed setting in once again? There is a huge chance that Bitcoin could sell off until 2020. Seems like Dec-Jan is not Bitcoins strong times of the year and this could have many reasons.
The RSI speaks a lot here. Since November 2015, Bitcoin maintained a bullish RSI of 52 or higher. Since 2018, the RSI has dropped to Some realities that all traders should face is but often refuse to are:
If we were to base the price off of the RSI and its 2019 lows of 23.50, we're looking at $6,000 or a touch less. It makes no sense for Bitcoin to reach $3,000 again and retrace everything it gained since 2019, but even in the long trend. If Bitcoin hit $3,000 again, there would be a major loss of confidence.
If Bitcoin retraces to the long-term trend link (pink dashed line) than Bitcoin can hit a low of $4,800 while still remaining true to a consistently growing price. If Bitcoin breaks $4,500 or lower.. than we're on a whole different page here.
If Bitcoin retraces to the yellow dotted line and holds ($6500), we can see a nice new bullrun to a new all-time-high in 2020, but as for an new ATH in 2019, don't hold your breath. Look at the chart posted BTC Chart Scenario, as Bitcoin could easily follow this as well. It fulfilled our "A Case For $7,500" chart. Be smart, vigilant, and get out when its time to get out. Now is not a time to play around expecting new highs.
We can clearly see that Bitcoin DID have it's bullrun of this year. $3,000 to $13,800 is a run of over 350%. How much more can people ask for? Is the greed setting in once again? There is a huge chance that Bitcoin could sell off until 2020. Seems like Dec-Jan is not Bitcoins strong times of the year and this could have many reasons.
The RSI speaks a lot here. Since November 2015, Bitcoin maintained a bullish RSI of 52 or higher. Since 2018, the RSI has dropped to Some realities that all traders should face is but often refuse to are:
- Bitcoin can reach $6,000 shortly.
- 2019 already had a major bullrun.
- Its a bear market, 100%.
- RSI still has room to move lower.
If we were to base the price off of the RSI and its 2019 lows of 23.50, we're looking at $6,000 or a touch less. It makes no sense for Bitcoin to reach $3,000 again and retrace everything it gained since 2019, but even in the long trend. If Bitcoin hit $3,000 again, there would be a major loss of confidence.
If Bitcoin retraces to the long-term trend link (pink dashed line) than Bitcoin can hit a low of $4,800 while still remaining true to a consistently growing price. If Bitcoin breaks $4,500 or lower.. than we're on a whole different page here.
If Bitcoin retraces to the yellow dotted line and holds ($6500), we can see a nice new bullrun to a new all-time-high in 2020, but as for an new ATH in 2019, don't hold your breath. Look at the chart posted BTC Chart Scenario, as Bitcoin could easily follow this as well. It fulfilled our "A Case For $7,500" chart. Be smart, vigilant, and get out when its time to get out. Now is not a time to play around expecting new highs.
Comment:
Last candles shows that Bitcoin could sell back around $8,000 level
Comment:
Confirmed last comment, we reached $8,000 but fell further on global market turmoil. This is proof Bitcoin is NOT a safe haven asset as gold is.
Order cancelled:
This is one for the history books. Nothing is safe, besides gold and silver.
