Haven't posted charts on this account for a while, Iv been focusing on perfecting my craft when it comes to TA. So far Iv kept a step ahead throughout these last few months. Giving the people close to me an edge. However I feel this chart deserves some attention. The moment we seem to have bottomed all of a sudden its 100k predictions again, I mean you guys know how it is. I'm not here to say bitcoin wont ever reach those levels but we're at the mercy of market makers. At least until retail can really take off. We've had promises of saving graces like bakkt, the lightning network and everything in the middle. Until every day people start to recognize the true value and nature of decentralized wealth, the majority of bitcoin will continue to be scooped up by the powerful. Thus the rich get richer, but I digress. Lets take this market a step at a time and try to pinpoint areas of the highest confluence and probability.
Since June bitcoin has continued to stay locked in this downtrend, outlined above. For the time being it is likely we have found our bottom in this channel. The 0.618 Fib pulled from the bottom of 2018 to the peak in 2019 shows be have good support to solidify this being a support. Further indications like Market Cypher have printed a Green dot on the 1D. With a second following on the 2D. This doesn't mean we have found THE bottom, simply a bottom for now. This would also allow the RSI to reset out of the oversold region. A retest of the 0.5 and possible rejection in the 9k region would be likely. It should act as a multi month resistance as well as the 200 Daily MA as a ceiling to continue this downtrend. This move up would be roughly a 25% jump. Likely to spark the rocket ships once again, giving this market the liquidity needed to purge us back down to the lowest price of the trend.
The highest the red box reaches is 9,100, over exuberance could take us to the 0.382 Fib before continuing down. The biggest area of confluence that iv outlined and the reason for publishing this idea is the support down in the 5k region. This area being the first floor from 2017 around under 6k. You can see the confluence of S/R flips from years ago. This level also aligned with the 0.786.
This bear market could still be in full force. Don't misunderstand I may be bearish the next few months, but a retest of this area and holding would solidify us finding a true bottom. Not only would this be a bullish sign for creating a bottom 80% higher than the previous of 3,100 but we could look to break the current market structure and begin an entirely new bull market. I imagine we have many volatile days ahead like usual. Stay safe friends, don't over leverage. As always this is not financial advise, I am not a financial advisor nor will I tell you what to do with your trades or investments. Thanks for reading
Since June bitcoin has continued to stay locked in this downtrend, outlined above. For the time being it is likely we have found our bottom in this channel. The 0.618 Fib pulled from the bottom of 2018 to the peak in 2019 shows be have good support to solidify this being a support. Further indications like Market Cypher have printed a Green dot on the 1D. With a second following on the 2D. This doesn't mean we have found THE bottom, simply a bottom for now. This would also allow the RSI to reset out of the oversold region. A retest of the 0.5 and possible rejection in the 9k region would be likely. It should act as a multi month resistance as well as the 200 Daily MA as a ceiling to continue this downtrend. This move up would be roughly a 25% jump. Likely to spark the rocket ships once again, giving this market the liquidity needed to purge us back down to the lowest price of the trend.
The highest the red box reaches is 9,100, over exuberance could take us to the 0.382 Fib before continuing down. The biggest area of confluence that iv outlined and the reason for publishing this idea is the support down in the 5k region. This area being the first floor from 2017 around under 6k. You can see the confluence of S/R flips from years ago. This level also aligned with the 0.786.
This bear market could still be in full force. Don't misunderstand I may be bearish the next few months, but a retest of this area and holding would solidify us finding a true bottom. Not only would this be a bullish sign for creating a bottom 80% higher than the previous of 3,100 but we could look to break the current market structure and begin an entirely new bull market. I imagine we have many volatile days ahead like usual. Stay safe friends, don't over leverage. As always this is not financial advise, I am not a financial advisor nor will I tell you what to do with your trades or investments. Thanks for reading
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I still believe we have the chance to see at least 8k again in the near future. This market has been a nightmare to trade these last few weeks but decision time is upon us.
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Creating a new group to chat about crypto and what not for the trader enthusiasts. t.me/joinchat/MAhJ9Rb4zylNvn4afv3QKg
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Pulling a fib from the bottom of the 2015 bear market to the top of the bull run of 2017 is about as macro as it gets. The way the price action interacted at these levels is interesting to say the least. Looks awefully scary looking down into the mid 4k's. Firesale anyone?
