Before Bitcoin extended another leg down to 6125 last night, I posted an analysis update under “BTCUSD – The Last Golden Boy” to give everyone a heads up with ample time to take necessary precautions. If you missed the update, click the “Follow” button now and join CryptoEZ to ensure that you get notified on all my future analysis and updates.
Alright, let’s move on to today’s analysis. In my last update, we anticipated that a breakout below the bearish pennant would potentially take Bitcoin down to 5850. Well, that didn’t happen. Why? There is an interesting reason behind it and I am going to share it with you now.
The bearish breakout was stopped by a hidden Fibonacci 86.8% support level that you won’t find in your standard Fib retracement tool. This Fib level is like the secret hidden base, Area 51, that we saw in the 1996 Independence Day movie when the aliens wiped out all of US’s defenses and just when we thought all hope was lost, Will Smith flew a kickass alien craft out of that base and blew up the alien mothership. What does it mean? Some of you are probably too young to know what I am talking about. Millennials, sigh!
It means that while the bears may be persistent, the bulls ain’t giving up without a fight. That's right! Price has since retraced to previous support level at Fib 78.6% (a.k.a. the last golden boy) which now acts as resistance. As we speak, price is still fighting its way through that delinquent! :)
Now if Bitcoin can get past this level, then Bitcoin gets another chance to reclaim 6800, a Fib level which is absolutely critical for Bitcoin to reverse the trend.
So the big question is, can Bitcoin make a comeback?
Despite of its short term bearish outlook, I think Bitcoin still has a chance to recover from all this mess. One reason is that price still has not closed below the triangle in my long term Q3 forecast. Having said that, we should not dismiss the probability of another bearish continuation from here. No point guessing. Time will reveal Bitcoin’s true path to us.
Before we part, I would like to clarify that I am neither a bull or a bear. Those who know me from another channel can tell you that I was the biggest bear when Bitcoin was trading at 18k. Similarly, I told you guys in TV that I expected Bitcoin to crash when it was still hovering above 8300 a week ago. Some of you even challenged me by saying 8800 in two weeks, remember? I will tell you this. The best way to make money is to reserve oneself from emotional trading.
Hi guys. Let me share with you what I have observed so far in TradingView. I am seeing a lot of analysts who had recently forecasted the obvious downtrend are now scrambling to update their latest bearish posts with a different tone now. One even changed the title completely. It's just hilarious!
With ETF deadlines looming closer, what can we expect from Bitcoin? I have it covered right here:
VisionCodeX
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Latest BTC price target update (95% accuracy so far) + takeaways from my meeting with VeChain's CEO Sunny Lu:
Hope you don't mind me sharing here.
GL to all!
coins4ext
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I like your writing style ;)
Thank you for all the updates!
Keep them coming :)
G_Double
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Did this wave of rebound match the conditions you speculated, it seems that he did not fall back to 6118
G_Double
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@G_Double, This is a good opportunity to increase shorts??
cryptoezvip
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@G_Double, it matters not what fashion Bitcoin chooses to get to the target as long as it gets there.
south81
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We need cheaper bitcoin to use it on daily basis for payments.
Leocarreras1988
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@southerton81,
You're wrong, BTC can be used for payments worth the price, since it can be divided into decimals, the price has no relevance. It is a deflationary currency therefore its value tends to increase due to its shortages
south81
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@Leocarreras1988, Simple people dont like doing hard math with decimals. Either it must be cheap or it should be named like 1 bitcoin, but 100000 bitsomethings. Too bad it mightnt return to 100 bucks. Because of features it mightnt even drop below 5k
Leocarreras1988
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@southerton81,
It would be impossible, because the amount of BTC is not proportional to the number of humans, much less the FIAT in circulation, so it is impossible to be worth less, because it would be in the hands of a few. The BTC must be looked at for its value and usefulness, not for its price