Deriving Bias from Year Ranges and Looking for 2020's Low
Yearly ranges: 2018 (black) and 2019 (blue)
2018 shown in black. The mid range showed pivot like behavior, pushing price away explosively until a last bearish retest lead to the final dump to 3k.
May of 2019 close above this level flipped it into support and helped June reach the high of the year.
2019's Mid range is not showing such explosiveness, which is probably a sign of weakness.
As we have experienced this year, a slow bleed into support with acceleration and no explosive reaction is not a good sign.
Multiple tests of support (3 so far) are also not a good sign.
Still, November is heading to close above 2018's mid range (so no flipping into resistance yet).
If November closes above ($7335), I expect December to offer some initial relief followed by a break of this level, which would lead us into a bearish start of 2020.
2020's Low:
Following the yearly ranges analysis and its derived bearish bias, i'm trying to look for confluence to find possible targets for 2020's low and its looking rather interesting...
There seems to be a lot of confluence at $4500 with BOTH yearly ranges 0.786 coinciding with the monthly 100MA. This leads me to believe that $4500 would be the bottom of 2020s IF we get there. Ofc the MA will move, but worth keeping an eye on it.
Looking higher for December-January lows, the 0.618 levels at approx $6000 looks quite appealing.
Given the gap of price between $6000 and $4500, i would expect a test of the lower level if a month closes below $6000.
I am an unemployed millenial looking for financial freedom in the crypto space so what tf do i know...
2018 shown in black. The mid range showed pivot like behavior, pushing price away explosively until a last bearish retest lead to the final dump to 3k.
May of 2019 close above this level flipped it into support and helped June reach the high of the year.
2019's Mid range is not showing such explosiveness, which is probably a sign of weakness.
As we have experienced this year, a slow bleed into support with acceleration and no explosive reaction is not a good sign.
Multiple tests of support (3 so far) are also not a good sign.
Still, November is heading to close above 2018's mid range (so no flipping into resistance yet).
If November closes above ($7335), I expect December to offer some initial relief followed by a break of this level, which would lead us into a bearish start of 2020.
2020's Low:
Following the yearly ranges analysis and its derived bearish bias, i'm trying to look for confluence to find possible targets for 2020's low and its looking rather interesting...
There seems to be a lot of confluence at $4500 with BOTH yearly ranges 0.786 coinciding with the monthly 100MA. This leads me to believe that $4500 would be the bottom of 2020s IF we get there. Ofc the MA will move, but worth keeping an eye on it.
Looking higher for December-January lows, the 0.618 levels at approx $6000 looks quite appealing.
Given the gap of price between $6000 and $4500, i would expect a test of the lower level if a month closes below $6000.
I am an unemployed millenial looking for financial freedom in the crypto space so what tf do i know...
Comment:
Also important to mention that the 0.618 ($6000) was the strong support of 2018 that held for months. I guess we can expect this to hold for a couple of months at least and possibly prevent price from going down to $4500 at all.
Comment:
The unexpected happened. That's why one must only trade the chart.
Daily close at 4.3k confirmed bottom for me. I don't think we go lower on the Daily.
A recovery on the Monthly to close above 6k, I would be expecting a great 2020 for BTC.
MTF showing nice bullish divergences and some other signs of interest coming back.
Let's see how this goes. It's not a bottom until it is.
Daily close at 4.3k confirmed bottom for me. I don't think we go lower on the Daily.
A recovery on the Monthly to close above 6k, I would be expecting a great 2020 for BTC.
MTF showing nice bullish divergences and some other signs of interest coming back.
Let's see how this goes. It's not a bottom until it is.
