Time-based Fibonacci - my bullish and bearish outlook for 2020
My bullish case is a move down to the .382 fib and the historical trend line then a reversal end of the year.
My bearish case would be if we break the .382 and the .5 fibs we may move down to retest the 200 week MA. If the 200WMA is broken we could expect sub 3k prices (note bitcoin has never broken the 200 week MA).
I also think that if the price continues to climb and make new highs between now and December we could enter a bear market in the new year.
What I have observed is that when the price is going up towards the vertical blue fib lines price reverses and goes down, the opposite is also true, when the price goes down towards the fib timeline price goes up as it did in April.
There is also a reaction at the midpoint of the blue lines highlighted by the dashed green vertical lines.
So taking this into consideration I'm hoping the price will go down towards the 4th December line and then reverse, going into a new bull market for the coming year.
Feedback always appreciated!
My bearish case would be if we break the .382 and the .5 fibs we may move down to retest the 200 week MA. If the 200WMA is broken we could expect sub 3k prices (note bitcoin has never broken the 200 week MA).
I also think that if the price continues to climb and make new highs between now and December we could enter a bear market in the new year.
What I have observed is that when the price is going up towards the vertical blue fib lines price reverses and goes down, the opposite is also true, when the price goes down towards the fib timeline price goes up as it did in April.
There is also a reaction at the midpoint of the blue lines highlighted by the dashed green vertical lines.
So taking this into consideration I'm hoping the price will go down towards the 4th December line and then reverse, going into a new bull market for the coming year.
Feedback always appreciated!