The indicators and tools i use in this analysis are: (55,5,3), (blue dotted), (pink dotted), support levels (green), resistance levels (red). The nicely coincides with the major bounces and reversals of BTC's price action. Of course not all the moves are fully captured using the , but i think it is rather accurate still in capturing majority of the key moves since 2018.
Just some thoughts on the current price action, BTC just got rejected at the 8500 strong resistance recently. My gut feeling tells me that the bottom is in at 3000. If it isn't, any price below will still be an excellent buying opportunity. I am looking for a final correction to the 5000 support now, which is a confluence of several factors horizontal swing low support, 61.8% , 61.8% . Before we reach that level, we probably will tumble down the 6500 and 5800 supports first, so it will be a good trading opportunity when we reach those levels.
Do note bitcoin halving will begin in may 2020, i am confident that we will be in the bull market during this period. Global economic slowdown and trade tensions between U.S-China have caused plenty of uncertainty and fall in equities and prices. Institutional investors are definitely looking into the crypto space as an alternative investment, driving up the prices.
If you agree and like my idea, please leave a like. Would love to hear from you too, so do leave me a comment. Thank you! :D
6500 support: horizontal overlap support, 38.2%
5800 support: horizontal overlap support, 50%
5000 support: horizontal swing low support, 61.8% , 61.8% (strong support)
3000 support: horizontal swing low support, 100%
8500 resistance: horizontal swing high resistance, 38.2%, 61.8%, 78.6% (strong resistance)
10000 resistance: horizontal swing high resistance, 38.2%