Before the weekend, I would like to quickly point out similarities from last year's movements around this time (end of the year). The last year's dump started in the first half of November, this year's slow grinding downwards started also in the first half of November. 2018 falling found a short-term bottom around 24-25. November 2019 falling has found a short-term bottom 24-25. November.
The last year's "dead cat bounce" ended at 1. December. At the moment, I cannot say that this current price action is a dead cat bounce but currently, it moves to the area where it is capable to go back to the lower levels. $8,000 was a pretty strong support level in Sept.-Oct. which should start to work as a resistance. Let's see, firstly the price has to climb a bit higher to the mentioned resistance but we have a slight indication from last year which should give a confirmation that it may do that so, the first prediction should drive the price around 8k. Considering last year's pattern then the 8k should push the price down, at least to the 6k. Those, who have been around the crypto for more than 1 year then they should know how important was the 6k in mid of 2018's and the mentioned seasonal pattern guides the price exactly to this level.
Okay, let's talk a bit more specifically about technical criteria, firstly 8k resistance: 1) As said, it worked perfectly as a support, which should now start to work as a resistance. 2) Weekly EMA50 is currently exactly $8,000, also should act as a resistance. 3) Tiny but still, the round number itself 8,000 4) Fibonacci Extension 38% - if the pressure and the momentum are high then this level should work perfectly as a resistance. 5) Fibo Extensions are also around the 8k 6) Seasonal pattern
...and this seasonal pattern should guide the price from 8k to $6,000. This 6k is not just a round number, there are also other criteria which can pump the price to a higher level. Historically, we have seen some pumps in December and hopefully, this year is not an exception. Comparing the seasonal pattern with the strong areas around the current price than those matching almost perfectly. It looks interesting and let's see how it's gonna play out. If the price reaches around 8k or around 6k then I would like to give out some trading ideas but at the moment, this is currently just a prediction and one possible scenario from thousands of scenarios.
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I think we may already seen the local bottom.
6,400 USD is the most important support level in terms of touch points (look at monthly chart).
Here is my view for the next weeks:
UnknownUnicorn3839740
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Sigh, and then next year what? Same again? Sorry but it's all nonsense.. Especially as if it breaks key 8000 resistance and the ema50 it will then have massive support levels and power on though. That's what it's doing now, perfectly taking a breather before the big push. See it so many times before, and yes it will retrace to form that all important lower high but is building up for a power move. Can't you feel it?
Mikelikescrypto
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@Benchmark, exactly. its partially the same reason why gold and silver are about to launch. the dollar is now subject to unlimited qe. everyone is going to swap thier bonds. negative rates and inflation is going to push out the funders of our deficit. we wont be able to raise enough taxes to pay the interest, so we will lose our credit rating and the dollar... its all set in place. heada will start to roll.
UnknownUnicorn3839740
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@Mikelikescrypto, totally agree. I am ready with my spy 3x inverse etf