Jack777

Is Bitcoin dead? [SPECIAL]

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello my dear BTC             traders & HODLers, and welcome to this special episode!

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 bearish side trend, or is this already a core bearish 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             .
Interesting... and since you are into Fibs, can you have a look at my Fib chart? I measured from inception at Bitstamp similar to you comparing the rises from 2$ to the ATHs (nor sure if that even makes sense ;) but it shows we have corrected to 78.6% every time.. cheers!

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We see a potential 0.5000 Fibonacci Retracement to 6,750 - 6,800. Overall though we remain bearish:

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Good simple analysis, with a good catch on that very reliable fib pattern. Nice.
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Jack777 DavidWachowski
@DavidWachowski, Thx for watching buddy! :)
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BTC moving as expected, check it out
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great substantial analysis! Thank you
+1 Reply
The pattern in Bitcoin is a well defined one from a classical TA perspective and well defined here.
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Jack777 achtung360
@achtung360, don't spam my feed without giving me a like! :D
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achtung360 Jack777
@Jack777, lol, my bad, thumbs up!! Similar sentiment. Feel free to post yours on mine.
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