Hi guys! These volatile times are really exciting but as I mentioned many times before, we are very likely not out of the worst in cryptocurrency market. Short term is Bitcoin currently sitting slightly above 5K and I expect this rally will end at major resistance 5800 after some flash correction to 4800 4900 levels. Despite overall euphoria and positivism in the market, I apologize but I remain still bearish as long term market is technically still bearish as well. My subjective analysis see something like bear flag structure in long term descending channel (I expanded it due to current bullish rally).
I see 2 potential targets of capitulation here - 3K and 1200, nothing between (no support here).
If we see sub 3K levels, it will be VERY quick and bitcoin will return to 3K levels almost instantly. And no, wi will not go above 6k soon, sorry! But volatility like this is huge trading and buy&hold opportunity. :)
Take care!
-DP-
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Notice that current local top could be ultimate top mid-term, as the price here already reached 61,8 fib retracement. Spike to 5800 ultimate resistance is just possibility..
Totally right on. Also Ethereum and XRP (and others) are showing a simiar correction fractal pattern where they want to do at least 1 more dip before bit swing upwards.
BlockchainYahoo
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i agree...i think its going to be around August that it hits bottom...remember once it drops below 3k...it will be resistance...
Citizen_A
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Your the first one that I can recall who shows this is a giant bear flag (thumbs up) Maybe the 200 can hold us from falling into the abyss.