Well this bear market is now 6 months long. It was inevitable, January parabolic blow-off was just too extreme for
BTCUSD
to digest the gains. After first month of bear market I saw a lot of people on social media talking like "Yall wait for summer!" and it was just absurd in my opinion. Although if we compare stock market with cryptocurrency market it's speed is like a speed of sound to a speed of light.. But still... it's cyclical!
Fact is that 70% of people in crypto in December, January was "average Joes" who saw gains and wanted to get rich quick and I blame media mostly for that. Keep in mind that some of them are still in it and already forgot about the money that they invest and are waiting for market to turn around and break even if possible. That is why I think it's going to take a little bit longer than expected, I'm expecting 3-4 break-even sell off around $10k , $12k and $14k-16k.
A lot of people (even my-self) was watching $6800 level where Triple bottom formed... It was broken with ease, but I had another theory al this time:
BTCUSD
in my opinion there are two ways bear market will end or it will continue to a level where bear will be exhausted enough for bulls to take-over control.
First:
Bitcoin will touch $5k level area inside a September 2017 high and low channel. And then proceed upwards!
Second (in my opinion more likely because trend line and support cross there) :
Bitcoin will touch and bounce off the $4.5k area, in this area September 2017 low trend line and Fibonacci level 0.786 (also 2017 high and low) cross which could provide enough strong support for the price to bounce of.
Note: If
BTCUSD
breaks below that $4.5k (and closes below) forget about this idea and look for a another potential buy zone opportunity!
Note: This is not a financial advice in any form is just an opinon based on price action! Please leave a like if you find this helpful, or a comment if you want to add something! I'm here looking to grow a community where we all communicate, exchange ideas and so on! Peace
BTCUSD
to digest the gains. After first month of bear market I saw a lot of people on social media talking like "Yall wait for summer!" and it was just absurd in my opinion. Although if we compare stock market with cryptocurrency market it's speed is like a speed of sound to a speed of light.. But still... it's cyclical! Fact is that 70% of people in crypto in December, January was "average Joes" who saw gains and wanted to get rich quick and I blame media mostly for that. Keep in mind that some of them are still in it and already forgot about the money that they invest and are waiting for market to turn around and break even if possible. That is why I think it's going to take a little bit longer than expected, I'm expecting 3-4 break-even sell off around $10k , $12k and $14k-16k.
A lot of people (even my-self) was watching $6800 level where Triple bottom formed... It was broken with ease, but I had another theory al this time:
BTCUSD
in my opinion there are two ways bear market will end or it will continue to a level where bear will be exhausted enough for bulls to take-over control. First:
Bitcoin will touch $5k level area inside a September 2017 high and low channel. And then proceed upwards!
Second (in my opinion more likely because trend line and support cross there) :
Bitcoin will touch and bounce off the $4.5k area, in this area September 2017 low trend line and Fibonacci level 0.786 (also 2017 high and low) cross which could provide enough strong support for the price to bounce of.
Note: If
BTCUSD
breaks below that $4.5k (and closes below) forget about this idea and look for a another potential buy zone opportunity! Note: This is not a financial advice in any form is just an opinon based on price action! Please leave a like if you find this helpful, or a comment if you want to add something! I'm here looking to grow a community where we all communicate, exchange ideas and so on! Peace