I'm excited about what the future holds for Bitcoin and Crypto as a whole. We are just about out of woods of the bear market. I expect June to the end of the year to be a solid bull run back to the end of last year's levels or higher. There was a lot of profits and subsequently weak hands taken out of crypto after the run we saw in December--from a market cap of 800B to 250B. But the worst is over. We have seen the bottom. It is time for the resurrection! But not before another brief dip by BTC.
BTC needs one final shakedown before it resumes it's 8 year bull market. I've posted yet again, my famous BTC-Gold comparison. It is has yet to be proven wrong since I first posted over a month ago, and it still tells the story. BTC is the new Gold. What you are looking at is similar market psychology playing out, with BTC just moving a whole lot faster. Everything and everyone moves faster these days, and crypto has just taken it to another level with 24-hour trading, fascinating innovative and revolutionary technology, entertainment, and a relentless community and investor interest.
So here's what's going to happen. BTC is going to follow the path of Gold once again. We have a big pullback coming in the next week that will retest the previous log resistance (red line). We could see a bottom as low as 7400-7700 before we see a nice fast recovery. This will also form perfect price action around the edge of the Eve cup shape of our larger Adam & Eve pattern. From there, I expect choppy upward movement of the price up into June, where I expect to be back around $9-10K levels. Do not be alarmed if we break below the previous log resistance. It will not last. This happens sometimes in crypto because of the extreme volatility.
One last bear attack before the Rise of the Phoenix. It's coming. Pack your bags when we touch the red line.
The Dark Horse
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Short entry target at 9200-9300 Stop 9500 Exit 8200
I expect a bottom around 7700-8200, but in order to mitigate my risk I will be exiting around 8200.
This is not financial advice. Just telling you guys what I am doing personally.
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I'm still confident we're due for a correction to 8200 levels. I believe this is a fakeout break up of the symmetrical triangle. I'm moving my stop up to 9600.
@dreakkie, Basically it's what the chart says, but take into account the comment above.
RealMcafee
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Guys it very difficult to accurately gauge where a crypto will land, particularly when it's bullish. Best strategy is just to buy under the 200 daily simple moving average and hold.
gendark2
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Nice call of a correction to at least 8200. Perhaps an update?