Bitcoin to $40k by Mid-March

A few reasons for this bearish outlook. Mostly comparing 2017 to the present day together with study on multiple time frames.

The blue line on the above 1-day chart is our bull market support 21-week moving average. Fear will likely be high around the time price action approaches it. This will be an excellent moment to pick up some discounted Bitcoin.

Trade active

Comment:

Noticed a lot of 'buy the dip' behaviour.

Circled in orange below is the Stochastic RSI. If you're wondering what dip to buy, wait until the Stochastic RSI is rotating and crossing up 20. Right now it is facing downward, you're only burning cash at this moment.

Comment:

PS: I know I said 'mid-March' above but at the rate we're going we might get there by mid-week! Which is fine, just wait for the rotation in Stochastic RSI.

Trade active:

Breakdown from rising wedge. Price action might rise to test resistance. Notwithstanding a retest the daily chart is exceptionally bearish. Look at the Stochastic RSI crossing down under 20.

Trade closed manually:

Mid-March has come and gone, the conditions of the original idea are now void.

Got to $43k in early March.

Comment:

Although closed were this idea still opened the target would now be ~$48k

Trade closed: target reached