How far will BTC go down? I reckon it's a good thing BTC is going down, because healthy markets should reach to golden retrace(0.618) after a bubble or blow up top. If support rejects the bears at the golden retrace region, then you might want to prepare for the next bull run. But If BTC breaks through and it gets rejected as resistance. Then I believe the next and last stop will be at $4500 region, reaching the last line of support. I reckon this will trigger the next massive bull-rally that send BTC towards the moon, next stop...$30.000 region. Why? I published something similar a while ago, because if you look at this daily zoomed out chart, I can see a bullish symmetrical triangle forming. Once support at $4500 region confirms this higher low, then my friends, good times will come again! So don't get discouraged, I reckon the next bull rally will start at these regions. Otherwise I'm wrong and BTC heads towards the crypto abyss. But I don't see any reasons to believe this. Like I said before, only a global EMP that fries every electrical hardware can destroy BTC . Which is very unlikely to happen. There is also a possible bull flag forming if BTC does break through the $4500 region.
Strategy:
Going to watch the golden retrace($7200) and $4500 region like a hawk.
Buy BTC and long if bears get rejected at these regions as support, target: not sure yet.
Otherwise short at $7200 region, target: $4500 region.
Once confirmed higher low support at $4500 region, accumulate some more BTC .
Long at $4500 region, target: First fase $10K region, will take a small part of profit, then wait if BTC breaksout from this massive symmetrical triangle to the upside heading toward $30k region. (See extrapolation, light blue dashed line)
I suggest checking out my TA on EUR/USD . Because I believe the another EU financial crisis is just around the corner. People will be converting their wealth into commodities and/or cryptocurrencies in the next 2-3 years. Which triggers the massive bull-run and perhaps or probably even the long awaited alt-season...
Also don't forget to use my Epic Market Indicator ( EMI ) 1 & 2!
To be concluded.
Strategy:
Going to watch the golden retrace($7200) and $4500 region like a hawk.
Buy BTC and long if bears get rejected at these regions as support, target: not sure yet.
Otherwise short at $7200 region, target: $4500 region.
Once confirmed higher low support at $4500 region, accumulate some more BTC .
Long at $4500 region, target: First fase $10K region, will take a small part of profit, then wait if BTC breaksout from this massive symmetrical triangle to the upside heading toward $30k region. (See extrapolation, light blue dashed line)
I suggest checking out my TA on EUR/USD . Because I believe the another EU financial crisis is just around the corner. People will be converting their wealth into commodities and/or cryptocurrencies in the next 2-3 years. Which triggers the massive bull-run and perhaps or probably even the long awaited alt-season...
Also don't forget to use my Epic Market Indicator ( EMI ) 1 & 2!
To be concluded.
Comment:
P.S. Forget to mention to be careful. There are still some people who wants to cash out from the last breakout profit and if my birds are correct, those were big gains. Consider this, would you cash out just when BTC broke out to downside or would you wait for BTC to go up first? So.. short-term longers, be careful...
Comment:
Getting tongue tired, let me retrace and correct my last comment;
..Short-term shorters
..Short-term shorters
