The 2 Evils of #Bitcoin at play here 70-85% drop realistic
Hi All
I am back in continuation of my analysis using The bollinger bands to find the Bitcoin Bottom. Right now this may seem very unpopular but we still have an almighty chance of touching $1500 - $2500.
I have added the NVT and MFI, where they seat today isn't pretty for the short/mid term of BTC. They are both extremely overbought. History shows us a major correction is on the way 70-85% draw down. Currently we still have room to grow in price $10,000 quite possible and that is where Ive picked the top to make this analysis. Funny enough by the time the BBand low will be placed $1500 - $2500 is not so crazy. This can take 4-6 months to play out.
1st what needs to break is the 20 weekly MA (which I have repeated many times) which is currently $5014 and between 23.6 / 38.2 Fibonacci levels . This is about 50% drop from $10,000 level but by the time we have a candle close to the 20WMA Ill expect the price to be much higher (40%). This is key level of support, that gets taken out then $1500 - $2500 becomes even more realistic.
Fundamentally we have Tether FUD floating around and a ETF news. Negative news on these and we come crashing down. Lastly the Greed index @ 71 alternative.me/crypt...ear-and-greed-index/
Remember as time passes by so does prices.
I am back in continuation of my analysis using The bollinger bands to find the Bitcoin Bottom. Right now this may seem very unpopular but we still have an almighty chance of touching $1500 - $2500.
I have added the NVT and MFI, where they seat today isn't pretty for the short/mid term of BTC. They are both extremely overbought. History shows us a major correction is on the way 70-85% draw down. Currently we still have room to grow in price $10,000 quite possible and that is where Ive picked the top to make this analysis. Funny enough by the time the BBand low will be placed $1500 - $2500 is not so crazy. This can take 4-6 months to play out.
1st what needs to break is the 20 weekly MA (which I have repeated many times) which is currently $5014 and between 23.6 / 38.2 Fibonacci levels . This is about 50% drop from $10,000 level but by the time we have a candle close to the 20WMA Ill expect the price to be much higher (40%). This is key level of support, that gets taken out then $1500 - $2500 becomes even more realistic.
Fundamentally we have Tether FUD floating around and a ETF news. Negative news on these and we come crashing down. Lastly the Greed index @ 71 alternative.me/crypt...ear-and-greed-index/
Remember as time passes by so does prices.
