Bitcoin Following Projected $100k-300+ Target Channel
Yeah I know it sucks for Bitcoin to drop so massively and destroy all short-term hopes for a continued uptrend without "downward disturbances".
I anticipated the drop and predicted it on Jan. 7
Still it caught me off-guard and brings a bit of annoyance and call for patience.
To the chart we go and let's check back with my Bitcoin channel prediction (see related idea).
The prediction analysis can now be tested. The upper Bollinger Band has been breached downwards.
So Bitcoin either is able to close above it or I would expect some more losses to -30% (~$29k) or -40% (~$25k) from the ATH (~$42k)
In case Bitcoin closes above that swings momentum back and gives Bitcoin the opportunity to remain fully bullish the following weak.
Best case scenario would be for Bitcoin to close at or above $38,2k end of this week. Then the 22$ drop was just a short lived "glitch".
The path Bitcoin is taking also will give an indication to what stock-to-flow trend line it is following.
Right now it would appear to be the 100k mid-May, which would indicate a quicker uptrend and a more parabolic move upwards starting mid-February and aiming at $300k.
As we have suffered already a 20% loss in price I remain bullish and consider the current price level a welcome opportunity to average into Bitcoin.
Be aware there is however an additional 20% price loss possible to keep some of your powder dry and make sure to put tight stop-loss orders in.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
I anticipated the drop and predicted it on Jan. 7
To the chart we go and let's check back with my Bitcoin channel prediction (see related idea).
The prediction analysis can now be tested. The upper Bollinger Band has been breached downwards.
So Bitcoin either is able to close above it or I would expect some more losses to -30% (~$29k) or -40% (~$25k) from the ATH (~$42k)
In case Bitcoin closes above that swings momentum back and gives Bitcoin the opportunity to remain fully bullish the following weak.
Best case scenario would be for Bitcoin to close at or above $38,2k end of this week. Then the 22$ drop was just a short lived "glitch".
The path Bitcoin is taking also will give an indication to what stock-to-flow trend line it is following.
Right now it would appear to be the 100k mid-May, which would indicate a quicker uptrend and a more parabolic move upwards starting mid-February and aiming at $300k.
As we have suffered already a 20% loss in price I remain bullish and consider the current price level a welcome opportunity to average into Bitcoin.
Be aware there is however an additional 20% price loss possible to keep some of your powder dry and make sure to put tight stop-loss orders in.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
