MuffyPuffy

Are 5000$ the bottom of Bitcoin?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has failed the third time an upwards rally in a row. Hence our current dip is stronger than usual.

In a symmetrical triangle you have in general a 0.618 Fibonacci relationship between the falling waves. But it's more important that you have a consistant relationship.
In this case, we should have a 0.786 relationship, which would also fit with the lower trendline of the falling triangle.

If we draw a parallel channel and see it as the longterm trend, then the trendline would also fit with a target nearby 5000$.


If we assume that the breakout of the channel is the start of the parabolic uptrend, then we have a starting point for our retracement messurement.
After a parabolic uptrend we should normally retrace to a target nearby 0.786 of the Fibonacci Retracement (+- 10%).


Overall, we have a high likelihood for a target between 5200$ to 5000$.



PS: We still have to break the last low. Until then there is still a small chance for a recovery.
DYOR
Comment: Before a further dip, we have a high likelihood to make a bigger retracment to a target at nearby 6800$ or even 7500$.



Currently we have a lot dumb money shorting Bitcoin. After the drop from 8500$ the most weak hands have already sold. Who should drop the price further if there are no sellers left?
There has to be only one big order and we will see an epic short squeeze!
Yes, patiently waiting for it since April. Keeping my orders around the 4750 - 5100 area for the V bounce.
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yeah man im seeing something very similar man
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