SpecDom
Short

BTC in a bear market till 2020!!! (Updated)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
So finally the FOMO has ended, what a wild ride it was. It honestly blew my last prediction by a few thousand, still not in comparison to the 2017 bull run by no means but the delusion was strong. To be honest the 2019 run never had the momentum needed to replicate the 2017 run, nor create a new ATH . By taking the DEC 18th 2018 low and drawing 45 degrees from it as you can see on the chart the price stayed below the 45 degree angle the whole time until yesterdays June 26th 2019 brief moment above it. In the world of Gann it is a big deal if the cycle started below the 45 degree angle and never even rose above, it means there was never any momentum in the first place. Without the proper momentum that means there was never going to be a bull market, there never was going to be a new ATH , and the FOMO never had a chance. So since reality has set in finally we can continue with the bear market we were always in, and will continue to be in till 2020. On the way down I do see a few potential areas that will encounter strong support and more than likely an attempt to revive BTC , one being at the 7226.06 mark. At that mark there are several things happening there, the first and most obvious is the 0.618 fib, which was drawn from the DEC 18th 2018 low to the June 26th 2019 high. The second interesting indication of strong support at the 7226.06 mark is the 8/1 angle (orange) from the previous 2017 cycle and the 3/1 angle (purple) from the current cycle we are in. They cross at the 7226.06 mark and create a time cluster, which in the world of Gann is something to always keep an eye on. The extremely interesting thing about that level is both the 0.618 fib and the time cluster are at the exact price of 7226.06, so that is definitely an area to observe on our descent down. Once we pass the 7226.06 mark, and I am highly confident we will, we should not have any more bumps in the road till we get to the obvious low of the DEC 15th 2018 bottom of 3122.98. This will also be another level where they will try to revive BTC and create upward momentum, in my opinion they will not be successful. If we do manage to break lower that the 3122.98 mark, we should continue down till we reach the 1754.78 mark, at this point we could be have finally hit bottom, if so we will have ended the current cycle and will resume upwards momentum. In the event that the downward momentum is so strong, coupled with FUD, and the desire to acquire cheap coin. There is a possibility we could go even lower that the 1754.78 mark. The next few targets I have identified would be 883.74 and 730.34. Either one of these targets are highly unlikely, but we have to remember with BTC anything is possible. Regardless the bear market continues and we will not have a chance to see the possibility of a bottom till around late February of 2020 in my opinion. I do think we will see some strong downward momentum around DEC 15th-17th 2019, but I just think this will be the final nail in the coffin that will give us that last mighty push downward to reaching the true bottom that I believe will come in February of 2020. Cheers all, happy trading...
Another shorter bites the dust... lol
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Great work
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How are people going to continue making BTC transactions without miners? If we can't make BTC transactions, then crypto exchanges will have to close their doors. Your ultimate bearish price prediction would essentially put miners out of business. It would be the end of Bitcoin. It's a totally unreasonable price expectation, and it makes me question if you are ignoring fundamentals and only looking at TA. In this market, it is essential to pay attention to fundamentals.
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SpecDom kardia
@kardia, Well, interesting view point then we have to ask the same relevant question of: Since 80% of BTC has already been mined what is going to happen to the miners when they reach 100%? There are a few things that will happen regardless of price being low or 100% of BTC being mined. More than likely the individual miner will have to pack up shop, the billionaires already have huge miner farms to pick up the load, and in the end the individual miner will be irrelevant. I am not saying I like the idea of centralized anything but that is just the way of the world. So the price dropping might affect the individual miner sure, but one day there will be nothing left to mine anyways so what then? The crypto exchanges gonna close their doors? Not likely...
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SpecDom SpecDom
@SpecDom, Heck, we could even be getting into conspiracy theory time here. What if the billionaires are purposefully pushing the market down to a point it will be unsustainable to the individual miner? Once the individual miners are gone just a handful of huge miners farms in the hands of a few billionaires will be left, they will have completely centralized the BTC transaction market. Sounds like some DR. Evil stuff right there...
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SpecDom SpecDom
@SpecDom, LoL...
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kardia SpecDom
@SpecDom, I think it is more likely we will go to somewhere around 5400, but not your price target.
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