Short Answer: I believe not much lower
In assessing past performance, it's my belief that we'll maintain price levels at/above the orange trend line (21 week moving average).
Given the volatility that currently exists within Bitcoin, I'll give myself a 5% margin: Meaning price action will maintain levels that do not exceed a level of 5% below our 21 week moving average.
So, if you want to maintain a trailing stop-loss and/or follow the potential lowest path of bitcoin with each passing week, follow the yellow (orange) brick road.
I am extremely bullish on bitcoin and several altcoins
In assessing past performance, it's my belief that we'll maintain price levels at/above the orange trend line (21 week moving average).
Given the volatility that currently exists within Bitcoin, I'll give myself a 5% margin: Meaning price action will maintain levels that do not exceed a level of 5% below our 21 week moving average.
So, if you want to maintain a trailing stop-loss and/or follow the potential lowest path of bitcoin with each passing week, follow the yellow (orange) brick road.
I am extremely bullish on bitcoin and several altcoins
Trade active:
So far so good! I am seeing a potential cup & handle pattern that could lead us in a strong move past $11K towards $11.5K.
Stay level headed and realize we are in a longer bullrun that would lead to much much higher prices in BTC this year and next.
Stay level headed and realize we are in a longer bullrun that would lead to much much higher prices in BTC this year and next.
(1) We had (what I believe will be ultimately seen as) a final capitulation moment in March. This event led to a large price move down in BTC to ~$3.8K; massive volume AND a lower high than $3.2K seen in 2019.
(2) A large spike up in price after our capitulation price spike down. Massive volume, price churning upwards.
(3) We have since moved back above our Weekly 21 SMA
(4) Our Weekly 21 SMA has remained ABOVE our Weekly 150 SMA
(5) We have formed what appears to be an ascending broadening wedge pattern (bullish). I drew out a hypothetical break of wedge, retest of downward trend line, consolidation, and a push past all-time highs by 4Q20. This is only my view of something that may potentially happen if the broadening wedge plays out.
I am super bullish. I posted on twitter several days back that based upon what I was seeing overall in the crypto market I was the most bullish I had been since our last 2017 bullrun