The breakthrough attempt seems to have formed a double top with the second top reaching a lower level (11.700 Usd) than the previous top (11.800Usd). This indicated more weakness than expected in the process of having tried to form a higher high. Bulls were not strong enough to even reach the level of the previous high, and Btc is now quickly correcting as expected.
Now we have 3 possible scenarios :
- Bulls regain strength and try to form a local higher high, they manage to form it with the help of potential Whales cash injections, and this leads us to the C&H target that has not changed. - The just formed local double top makes Btc retest every support until it touches Btc line of life, that could create a bounce, to the C&H target. - Btc goes below its line of life, and a capitulation sell-off goes on from the traders who joined the crypto boat on Oct, Nov, Dec, Jan, Feb, and even why not March, leading Btc to the indicated blue target.
We have some serious chances to retest the 6k, we need to see a local higher high, or Btc will still keep on diving. Btc is still weak from its recent crash from the 19.500 Usd, retesting the 6k, and even ending up going below this support is a possibility in the coming month(s). Past months investors are quickly losing hope to make fast money anymore in this market, be sure they will not hesitate leaving the boat instantly if they feel their objective to do quick money will not be met, and losing their money is happening to them instead. I drew in blue a possible Btc pattern in case the market is still indeed crashing, with the worst case scenario of a crash till a capitulation sell-off occurs.
Good luck.
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I am not a financial advisor, i am not here to spread fud. The pattern of the cryptocurrencies market cap is looking like a typical bursting bubble. Market cap is under 500B again, and is close to be under 400B. Having a look at Btc, and Xrp graph on 1 year should put your trading instincts to an "alarm warnings on" status. Seeing a lot of traders beeing bullish and very bullish right now should also set your warning status on. I am not an OMG BTC CRASH TO ZERO person, but try not to be in a bubble crash denial, look at the graph and crypto market cap, and think again, where is Btc heading to. Don't get wrong, it is still possible to trade local dip waves if you know how to do it! I am doing it to cumulate small amounts of Usd, but amounts still. Take care of your portfolio, don't let your greed wreck it, and watch out with overly bullish traders right now, even if they have a very high reputation. Good luck
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Small Fud appeared (Binance hack, SEC about unlawful exchanges) and Btc instantly tanked to the 9400 Usd support. Let us not care about this support. Let us rather care about the impact of this small news. Do you think such a small Fud would have made such a big impact on Btc price if it happened bewteen the 4th of Nov and the 16th of Dec? Probably not. This should be a clearer signal that Btc is right now very weak, and it is very very likely still crashing up, to test soon its line of life, in my opinion. I might be wrong.
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I can't believe all this downside appeared in less than 1 month, i admit it happened quicker than i expected. But the idea was here People Pm'ed me that i don't understand cryptocurrencies when i posted this TA I hope they did not get wrecked during the crash
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The time frame was not correct, but the idea was here and apparently it's still valid, we will see
You know @Giorgioversace just I'm surprised there's, no words!!!
Thank you @Giorgioversace )
Giovi6969
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@Ghmboyan,
:D
thank you Ghmboyan!
HGProMy
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@Giorgioversace, thank you bro,you are a genius :D
Giovi6969
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@Ghmboyan,
if i was a genious, i would have bought for 2.000$ of cryptocurrencies in 2012 and hold them.
Which i never did lol
HGProMy
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@Giorgioversace, that ? in 2012 the price of bitcoin was $ 2000? , maybe you doubted bitcoin ?
I heard about bitcoin only in 2017, in August, and immediately bought 0.4 BTC at a price of 2,850 and sold 3600)).
But my friends say,that I told them about bitcoin and blockchain in 2010, but I do not remember the devil )).
But about genius, yeah you are genius))
Giovi6969
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@Ghmboyan,
No, in 2012 the price of 1 Bitcoin was around 7 dollars
If i would have bought for 2.000$ of bitcoin, i would have had 285 Bitcoin today, which is around 2 Million dollars lol
HGProMy
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@Giorgioversace, yes, at first I misunderstood you.
just you did not imagine that bitcoin will reach to 20,000$.
I a of 2012, got into Forex and poured out 6000$,if I remembered about the cue ball, I would have about 6M.$))
cI8DH
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Reality can even surprise "crash" experts :D
Giovi6969
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@hkh222,
LOL yes
I am amazed, but i don't know if it's in a positive or a negative way. I am fascinated