benjihyam

$BTC Heikin ashi + gann fan + levels for downtrend

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BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC looks to be topping soon, on a break of 1/1 which I think is likely in April. To help judge important levels to the downside, I created this chart with a Gann Fan and important levels of support/resistance .

If we break the 2/1 level after the 1/1 level, then the 8/1 level is in play. Those will be important levels to watch in the coming months.
Comment: So far, so good. Haven't gotten the break of 1/1 yet... My guess would be we go sideways for a while before breaking down. Maybe take us until June/July before we see a break down.
Comment: Current thinking is we see lows in the low $20k range somewhere between Sept - November. Mainly because of how bullish everyone is and because everyone thinks it's not possible at this point. But let's see. We'd need a break of the 1/1 trend line for that to set up the possibility of lower prices.
Comment: Update: Broke 1/1 and hit the first support perfect. I think we bounce higher here. I expect a retest of the 1/1 trendline sometime between now and July before continuing the move down. Important levels and dates on the chart.
Comment: Update: Second support hit. Two more levels to the downside now: $22k -> $9k

Next indicator of more downside will be a break of that 2/1 level.

If that happens, I think that $9k support gets tested. Let's wait and see. I'm aiming to be in cash by July/August if this plays out as BTC would bring everything down with it.
Comment: Tested the 2/1 of the gann fan. Now I think we see a bounce to the $48-53k range before falling further. Let's see.
Comment: I think we turn higher from here. That second test of the gann fan at $29.5k should've been the short term low. Looking for higher until the pivot on August 16 or Sept 6 before we see the break of 2/1 which would send us lower.

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