We look at where Bitcoin is now in the big picture. Therefore we take our Fibo-tools, and we measure the move up from 160, 1.000 Dollars respectively, up to 20.000 Dollars, and determine: are we still in a core-bullish trend, with a side trend, or is this already a core trend?
Here we can take a few notes: Bitcoin has made an almost 20x move in just under a year, and following this exponential move, we got a non-linear correction, which is right now building a descending pattern, of which we will definitely see a break coming.
If this breaks comes to the downside, 5.000 or even 3.000 Dollars are possible; but as you can see, even in that worst-case, the picture doesn't look that grim like some analysts are painting it on the wall.
To the upside we have the 7.400 as the lower highs in the weekly, of which the break could signal the next phase for Bitcoin .
Have fun watching guys! ;)
If you had some value from my analysis, make sure to like & follow me so you don't miss it next time, I'm doing Daily Crypto Analyses! I wish you a good trading! :) No matter what you do, please set your stop loss. For short trading: Please be aware, that you can lose all your money on Bitfinex if Tether blows up one day/and or they just close, (respectively on Binance, if you're holding Tether there), as compared to Coinbase, who do not offer short trading, but who have at least an insurance up to 250k. Dollars as they state on their homepage.
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC .