I have previously thought the it is possible for Bitcoin to be zoning between $2.5k and $4.2k (see post referenced). I don't think price movements since then provides sufficient reason to believe otherwise. Nevertheless, new information points to two potential directions in the short-term.
In Scenario 1, the price movement since mid-Dec 2018 is forming a symmetrical triangle. If this plays out, we can expect a final drop to between $2k and $1.6k. This will very likely be the bottom of this bear market.
In Scenario 2, the price will fall below the support / point (D) on the chart. This can mark the bottom of the bear market, too, but it would appear less convincing.
In any case, I think the bottom is getting closer.
Needless to say, this is my personal opinion. This chart is posted for personal use with education in mind: it is "published" because without a subscription I can't save it otherwise. I do not intend to trade with this idea, nor would I recommend anyone to do so.
In Scenario 1, the price movement since mid-Dec 2018 is forming a symmetrical triangle. If this plays out, we can expect a final drop to between $2k and $1.6k. This will very likely be the bottom of this bear market.
In Scenario 2, the price will fall below the support / point (D) on the chart. This can mark the bottom of the bear market, too, but it would appear less convincing.
In any case, I think the bottom is getting closer.
Needless to say, this is my personal opinion. This chart is posted for personal use with education in mind: it is "published" because without a subscription I can't save it otherwise. I do not intend to trade with this idea, nor would I recommend anyone to do so.
