As we see, we have formed 4 consecutive higher lows on a longer time span. Im positive this pattern will repeat again. U can see on my drawing, what I visualize will happen.
When we will hit a higher low, close end to september, a bearish sentiment is in, for hitting a new lower low. Putting bitcoin at a realistic support area of 5500 to 5400. Or maybe even slightly lower, the typical nature of bitcoin is to spike a lot lower or higher than expected.
@Mr_Project, we knew what you meant ;-) no worries
Mr_Project
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@GuyWallace, thx.. but what do you think of the idea?
GuyWallace
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@Mr_Project, Yeah I think it is credible. We are due a move up, how far depends on what is above us and whether we are in a 1,2,3,4,5 pattern or an ABC down. My targets are the confluence zones between $4900-$5200 then second target around $3000, third is a fair bit lower than even that but that is a pessimistic view
Mr_Project
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@GuyWallace, I can agree with you on a downtrend. And even a 3000$ level seems legit. Predicting the bottom is in my opinion impossible because btc is still so speculative. Hard to say if where we are if we analyse bitcoins pattern with the Elliott wave formation. But im sure we are going much lower than we might think.
GuyWallace
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@Mr_Project, I would agree with you totally. I think at these levels (described previously) we will see bullish reaction, so they are target for swing buys for me
Mr_Project
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@GuyWallace, Same here. A bullish spike from the 5000$ levels to around the 6000$ and a hard bearish breakout even lower.. Coming down to the 4000$ range.
GuyWallace
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Lower highs :-)
SchultzeTrades
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aren't those 4 lower highs not lows o.o
next to it btc started to form higher lows or?