I am thinking of a possible scenario that could play out with Bitcoin and in my eyes it's the most likely scenario.
I have been in this postilion plenty of times before when Bitcoin creates a nice support structure with two reaction points (yellow dotted line) and everyone is now waiting for price to come back down to the support line so they can place there longs and when there is so much content and focus around a specific area like this support line , price normally goes lower.
When everyone is thinking the same thing and a lot of traders are calling the bottom , guess what ,it's normally not the bottom. The bottom always comes in always in the most unexpected of ways , this is why it's best to think of different ways things could play out.
Right now we are in a descending wedge and we have yet to hit the 0.618 at 51k , it is possible that Bitcoin's true bottom will be at this level breaking the support structure and creating mass fear before an impulsive move up to the 1.618 at 87k.
December 9th there is a Fibonacci Time sequence playing out on LTC which is basically a mirror of Bitcoin, I have been going over this date for weeks on previous TA's ,I will link below , this is the date we could see a bottom play out around 51k.
As always we could just break out of this descending wedge to the upside soon , we will know in the next 24hours.
I have been in this postilion plenty of times before when Bitcoin creates a nice support structure with two reaction points (yellow dotted line) and everyone is now waiting for price to come back down to the support line so they can place there longs and when there is so much content and focus around a specific area like this support line , price normally goes lower.
When everyone is thinking the same thing and a lot of traders are calling the bottom , guess what ,it's normally not the bottom. The bottom always comes in always in the most unexpected of ways , this is why it's best to think of different ways things could play out.
Right now we are in a descending wedge and we have yet to hit the 0.618 at 51k , it is possible that Bitcoin's true bottom will be at this level breaking the support structure and creating mass fear before an impulsive move up to the 1.618 at 87k.
December 9th there is a Fibonacci Time sequence playing out on LTC which is basically a mirror of Bitcoin, I have been going over this date for weeks on previous TA's ,I will link below , this is the date we could see a bottom play out around 51k.
As always we could just break out of this descending wedge to the upside soon , we will know in the next 24hours.
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