TradingShot

BITCOIN Are we closer to $6000 or $13000?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I will not go into much detail on this one as I want to let you interpret what you see on the chart without my personal bias.

I need to point out that the basis of this study is the notion that the distance from the Bottom to the Top of each Cycle is the same as from the Top to the start of the next Bull Phase of the Cycle.

So as seen on the chart, what will hit first? $6000 on the 0.236 Fibonacci retracement level or the $13000- 13800 zone of the June 2019 High right before the start of the new Bull Phase?

All opinions are welcome! Feel free to share your work and let me know in the comments section!

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Comments

Depends what the stock market does. Solely.
+18 Reply
TradingShot WorldEconomics
@WorldEconomics, Some say S&P needs to hit new ATH in order for Bitcoin to break above 10500. Do you share the same opinion?
+7 Reply
WorldEconomics TradingShot
@TradingShot, since we live in a time where reality no longer applies and the stock market rallies during a great economic depression, I say anything is possible at this point
+17 Reply
brygarv WorldEconomics
@WorldEconomics, ain't that the truth. Fundamentals are out the door, but how long can this charade last? Historically during election years the market has not performed well...although when Trump was elected in 2016 it took off and hasn't stopped. If Biden is elected President, the confidence in the market is going to be significantly worse, coupled with the already bad fundamentals and now the increase in COVID-19 cases and you have the perfect recipe for a potential catastrophic end of the year. One minute after the election results are in will decide if I'm a buyer or seller.
+6 Reply
@brygarv, In case Biden is elected than its expected that the tensions with china will cool down which could prop up the market also, and in this crazy times every news is tryed to be seen as positive as possible.... on the other hand trump would be better for fiscal policies
+2 Reply
TradingShot Rolohardcore
@Rolohardcore, I can imagine how weak the markets will react every time 'President Biden" speaks.
Reply
WorldEconomics Rolohardcore
@Rolohardcore, China trade PALES in comparison to great depression levels of unemployment. GDP is FAR worse than 2008 at its worst point. Bankruptcies, defaults, and foreclosures are increasing. China is a drop in a bucket in terms of the US economy health.
Reply
@brygarv, I agree. On the other hand, we know Trump is anti Bitcoin. A black swan like a bitcoin (hold, trade,...) ban is more likely under the leadership of Trump. So, long term my cards are with Biden from a Bitcoin point of view. Biden gets elected, I go long on Bitcoin (long term).
+1 Reply
TradingShot Matthew1972
@Matthew1972, With many countries adopting blockchain slowly but surely I don't see how Trump can stop it.
Reply
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