I gave up on my 1900 target. The reason for it is very simple, the majority of people are expecting it. Heck some of them are even betting on 1300. So here's my new target, the bottom will be somewhere between 2700 and 2300. I will explain it all in details now.
In the last three months our most consistent price was around 3675 $. Now you may be wondering why this number? Well in my opinion the whales are still sitting on the sidelines and these candles that you're watching day in day out are just bots trading. 3675 is exactly in between our strongest resistance at 4200 and support at 3200 (give or take few $). Why is our strongest resistance at 4200? Well if you look on the left of the chart this is where BTC was on 4th October 2017 right before it pulled a massive 44 % move to the upside. And the bottom of 3200 happened because on 15th September 2017 was the time when everyone were selling (look at the volume stick).
Notice something very similar in my lower order box? Resistance at 2700 was a massive support on 3rd of August 2017 right before BTC went on a 60 % run. I chose 2300 as our lowest support as most of the selling pressure came on 15th June 2017.
In the last three months our most consistent price was around 3675 $. Now you may be wondering why this number? Well in my opinion the whales are still sitting on the sidelines and these candles that you're watching day in day out are just bots trading. 3675 is exactly in between our strongest resistance at 4200 and support at 3200 (give or take few $). Why is our strongest resistance at 4200? Well if you look on the left of the chart this is where BTC was on 4th October 2017 right before it pulled a massive 44 % move to the upside. And the bottom of 3200 happened because on 15th September 2017 was the time when everyone were selling (look at the volume stick).
Notice something very similar in my lower order box? Resistance at 2700 was a massive support on 3rd of August 2017 right before BTC went on a 60 % run. I chose 2300 as our lowest support as most of the selling pressure came on 15th June 2017.
Comment:
People starting to get excited, FOMO kicked in, even the bears are afraid they gonna miss a bull run. This is exactly what I was expecting before we go down, that's why I said we will probably return to 4200 first and then fall. This is not 2014, we are in different area with CBOE, CME futures and CNBC manipulating the sheep. Trading is not as easy as it was back then. I'm expecting April to be the ugliest red month we've seen so far. And I'm gonna be prepared this time, I'm close to 70 % in fiat.