I've went over a lot of charts on TradingView showing a massive breakout for Bitcoin due to the flag formation. I believe this is correct, but, which way is it going? Here is some information about two different scenarios.
Please Note: This chart does NOT predict a time-table for the next bull market breakout, so 2020-21 are not what is predicted, but gives more an idea how the market will move from a bear market.
Bullish Breakout Scenario 1
Bear Market Breakdown Scenario 2
Reality: Can we really expect another massive breakout, after raising $10,000 in less than 2 months? Maybe that was the Dec 2017 breakout, just smaller. If so, the price of Bitcoin will fall but not to the levels of $3,000 like last time. I'd expect $5,500 (give or take) the next low IF scenario 2 goes into play.
Recommendation: Proceed with caution. I wouldn't suggest buying and sleeping on it, just in case massive selling happens. We've all seen some pretty volatile flash sell offs with Bitcoin these last two months. There is no support that will stop it from falling. But if it breaks out, you'll know. But something will happen soon, be on the watch out!
Please Note: This chart does NOT predict a time-table for the next bull market breakout, so 2020-21 are not what is predicted, but gives more an idea how the market will move from a bear market.
Bullish Breakout Scenario 1
- Flag Formation, typically a positive break out.
- News about Bitcoin and Fidelity is a positive.
- 2017 Rally had an RSI that peaked 3 times, so there is room for more upward movement.
Bear Market Breakdown Scenario 2
- MACD turned bearish.
- RSI is high.
- See the pink rectangles. Lots of bullish movement, followed by lots of selling. Could this be the start of selling?
Reality: Can we really expect another massive breakout, after raising $10,000 in less than 2 months? Maybe that was the Dec 2017 breakout, just smaller. If so, the price of Bitcoin will fall but not to the levels of $3,000 like last time. I'd expect $5,500 (give or take) the next low IF scenario 2 goes into play.
Recommendation: Proceed with caution. I wouldn't suggest buying and sleeping on it, just in case massive selling happens. We've all seen some pretty volatile flash sell offs with Bitcoin these last two months. There is no support that will stop it from falling. But if it breaks out, you'll know. But something will happen soon, be on the watch out!
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Looks like Bitcoin broke down, which also took out alt coins. I suspect people are selling alts and getting ready to buy bitcoin.
