I saw some indications based on the long-term daily, weekly and monthly charts that points to a potential bear cycle for Bitcoin, which would also tells us that the ALTSBTC pairs can continue to print huge growth...
Hold on, wait! Let's go back a few steps...
What is happening now? What will happen in just the next few days and weeks to come?
Regardless if this is the end of the world or not (it isn't), the cryptocurrency markets will always give you a second chance... A new try, another opportunity...
Either for you to buy (if you've been on the outside). Or for you to sell (if you've been in the green and accumulating gains).
I will show a very simple signal which can help you determine how Bitcoin will move next.
The crash opens the door for new participants...
The bounce opens the door for those who want to sell.
Bitcoin price will move back up even if a bear cycle starts to develop and goes for long (What will you do? What's your plan?)
Let's get to the signal... Marked on the chart is a "bearish cross".
When this signal shows up, it points to lower prices mid/long-term, but there is always an initial bounce when the signal just forms.
Within 7 days, Bitcoin went from $58,000 to $30,000, that's a ~48% drop.
What would you like to do? Would you like to sell? Would you like to buy more?
There is always a second chance... This was the first wave... If Bitcoin is going into a bear cycle, we will still see prices bounce to at least 46K (can be up to $50,000+)...
Only then it will be decided if Bitcoin will enter a bear cycle for long.
A second opportunity is always available... Be patient... And plan NOW and not after there is blood all across.
Note: On a bear cycle, Bitcoin can go as low as $12,000+.
Now... What's your take, will Bitcoin recover and resume its trip to 100k or will it bounce just to move lower and hit $12,000 before more up?
Share it in the comment. After you share your answer, we will tell you ours.
Peace & Love!
Namaste.
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Cautious, but hopefully optimistic this is the bottom. 30k was the bottom end of the range I was looking at for a correction. Lots of bullish indicators on chain, so I’m long but watching closely!
Thoughts on the logarithmic scale? What do you think about a double top like in 2013? Looks very similar but would mean a lengthy 5-6 month battle around 42k before a parabolic run to the top of the curve and maybe extending above to 200 - 300k blow off top. This is what I'm hoping for. What do you think. Given the fundamentals are haven't changed and the on chain indicators don't show the same whale behaviour that was seen running up to the bear market in 2017 do you think this could play out?
AlanSantana
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@ZXSPECCY76, I think is possible mainly due to the fact of how BTC is behaving after peaking. It looks very different to 2017.
I wouldn't hold my breath though.
Prepare for the worst in any case.
palop
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I hope it will rebounce and we'll get blow of top around 70-100k
AlanSantana
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@palop, Let's hope... The market is unpredictable after all.
Thanks for sharing.
matusdrabik
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nice contemplation, at the moment 70-80k+ still in 2021 seems unrealistic, it takes another 800bn usd to get there. If the price dumped to 30k all coins would be bought in a matter of seconds...I think top was already in for now
Crazy day yesterday!