The 7 kingdoms of Westeros (mining companies) have united to form The Wall, a colossal fortification at the $6,000 level to keep price from falling below the cost of their mining operations.
Rest assured that the White Walkers (bankers & wall street backers) will try to break this impenetrable wall again in the next few days (Wyckoff's Spring). Unless they have a fire-breathing zombie dragon (big bad FUD news) which I don't anticipate any, this Wall shall remain standing strong. If you are bitcoin supporter, defend the wall. The white walkers will lose this battle (or not).
Those who followed my previous charts should be familiar with the green and yellow trend lines. These two support-turned-resistance trend lines will be the first obstacles faced by the bulls after the Spring. If the trend stay true to the Wyckoff phases, then the next few months will turn a lot of basement dwelling techie teens into filthy rich pricks, especially those who invest in alts. Otherwise, well... they will just remain as basement dwelling techie teens - you can't get any worse than that, right? :)
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Do not be deceived by some bold analysts that claim the Bitcoin Spring is over. As a matter of fact, our journey to the Spring has only begun. Given that Bitcoin is dirt cheap right now, you can still go long from here if you like. On the other hand, if you are still sitting on the fence, your patience will reward you with cheaper coins.
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This is an important update.
It is crucial where price bounce as we go down the sewers. If we bounce from 6,000, then everything is cool. On the other hand, if we bounce from 6,100 - 6150, then we could be in deep shit. I am restraining further info and will reveal when the time is right. For now, keep a close eye on the 1-hour chart.
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Yesterday, I said I would reveal some crucial info as to why I said a bounce above $6,000 and not $6,000 itself spells trouble. Click on the new chart below to learn more:
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Wonderful. Despite the Wall of Westeros (6,000 psychological barrier) has been breached, the Night's Watch is doing a good job repelling the White Walkers from further advancement into the North. If they can keep up for another hour, we should witness a reversal to the upside. This is a good spot to mildly add to your stash until we see confirmation of said reversal.
BTCs most consistent story during this downtrend has been crashing through major moving averages (50,100,200) and then bouncing above them for a period of time in an attempt to hold them as support.
We bounced off the 50 weekly in that surprise short squeeze of April. We are now way, way under the 50 weekly. Next target 100 weekly MA.
cryptoezvip
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@whoisthelorax, do not discount the fact that BTC has failed to breakdown below 6k twice. This indicates we have reached a demand zone and the same reason why I projected a bullish rally right after our next retest of the bottom in my latest forecast. Do check it out and we can discuss further there if you like.
KunalWalia
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What price do you think BTC will hit as low before going on a bull run?
cryptoezvip
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@KunalWalia, the key areas to watch out for the Spring would be 6000-6150.
cpiljoo
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@bibboyne, all right. What do you think now we hit the range?
cryptoezvip
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@cpiljoo, not yet but I believe it will retest the bottom again and then we will know where it bounces off.
deliciouspodo
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I really enjoyed the reference to GoT.
Is this your theory about miners setting up the huge wall at $6000 level?
I guess this could be a modified schematic of Wyckoff due to external interference(miners, if that theory's true)..
cryptoezvip
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@deliciouspodo, glad you did. It makes sense for miners to setup a huge wall there. It costs $6000-6500 to mine a bitcoin and mining farms need to keep their business profitable. A slump below $6000 will drive them out of the business, force traders to panic sell and create an avalanche effect.
DaDude
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@bibboyne, that is greatly dependant on what country you are in when you are mining so I'd take it with a pinch of salt
We bounced off the 50 weekly in that surprise short squeeze of April. We are now way, way under the 50 weekly. Next target 100 weekly MA.