VictorCobra
Long

IF The Bear Market is Over, Where We Might Be Headed (BTC)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Just a quick chart. I think this dotted red trendline has a strong possibility of becoming our new log uptrend. You can zoom out to see where it originates from. IF we have seen the bottom, I think it's possible we will test the bear market resistance (currently between 4600 and 4800), then retest support around 4K and shoot off towards 6K, where we'd find a much longer term resistance (previous log uptrend line). If we happen to break past even that resistance, we could just get back into the light blue uptrend channel , and target 8-9K prices sooner rather than later.

I'm honestly not great at predicting long term moves, but this is just an idea I'm throwing around. Based on this trajectory, we wouldn't see 10K prices for at least another year, and we'd also have a lot of great trading opportunities between now and then.

If we do happen to make a lower low from here, I'm starting to think it would be rather quick, and would get bought up fast (red X on my chart). Part of me doesn't believe that the market will ever return, and I'm still skeptical of any rally. "It couldn't be that simple." However, my analysis is telling me otherwise. LTC and ETH have broken MAJOR long term downtrends and have continued to show strength.

This is more speculation than analysis, but I'm really struggling to find reasons why we might be headed lower from here. Sure, the market could totally collapse. Maybe the stock market will finally crash and crypto will take a nosedive simultaneously (although the two markets have shown to not be correlated at all).

By the way, buying at any relative low point since December would have yielded you profit in almost any cryptocurrency. It's been 3 whole months without the whole market losing value. This could not have been said during any point in 2018. Just to put it in perspective. A sustained selloff here would likely cause a very prolonged bear market.


Not financial advice. Again, total speculation.

-Victor Cobra
Comment: Wall street dumping while crypto rises. This is what I like to see ; )
Comment: Jokes aside, it might not be good for Bitcoin if the stock market begins its true correction here. It'll be interesting to see what happens.
Comment: As someone heavily invested in this space, my hope would be that the narrative is spun in favor of cryptocurrencies, as this is what I'm betting on. It doesn't have to play out the way I want it to, but things are sure being set up for it.
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