Road to 4k update, capitulation soon?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Congrats to the few that stayed bearish with me hehe,
We finally broke the wedge we p&d in for over 6 months. As expected the massive support around 6K got slaughtered with a red dildo, this is where we find fear in bulls hands. BTC -9.89% finds some support of the 1sept 2017 top at 4950 together with the 76.8% retrace. I expect BTC -9.89% to trade in this falling wedge for the coming months, breaking supports step by step while capitulation hits. We have a lot of supports in the 4K area but we may even drop further and kiss 3.5k under the mean to start gaining strenght again in 2019.

Major supports:
4950: 1 september 2017 top
4650: 78.6% retrace
4450: performed as strong resistance in september 2017
4000-4450: lots of small supports
3400: 38.2% retrace of the sept 2017 high
3000: double tops at 10 june and 20 july 2017 + low at 13 september 2017 that got bought with force
2390: 61.8% retrace of the sept 2017 high

Don't get fooled by longing in this bearish market but don't give up the hopium ;)
Comment: Support: perfect kiss of the 38.2% retrace of the sept 2017 high as mentioned
Next target lays around 3K. Meanwhile, a bullish divergence looks to form.


+1 Reply
nestay denopoly
@denopoly, thanks!
Been following this idea for a long time (added to my bookmarks in 2018) and must say wow! It aged like a fine wine. Great job and thanks for sharing. I'm also following (and agreeing with) some of your tech charts (amazon, netflix). The bear is nearing and will be extremely violent but rewarding for those of us who are prepared.
+1 Reply
nestay upthedownstairs
@upthedownstairs, thanks!