Hi guys, I have decided to whip up a simple analysis taking a look at the state of BTC. Here's some things to look at:
1) BTC had a 93 Day Bull Run that yielded 562.90% in upside.
2) We are 102 days deep into a Bear Run. We have since retraced as low as 70.47%, or 14022.90 USD. At the time of me typing this, we are roughly around 63% from the ATH.
3) I have drawn a sideways support from the start of the bull run, and a sideways resistance from the end of the bull run. The point of convergence for this channel is dated at 4/16/18.
4) Breaking downward out of this channel would lead me to believe that we have continued downside until another point of convergence, dated at 5/26/18. That would bring us to a 100% retrace from our bull run, roughly around 3024 USD.
5) Breaking below THAT would not be fun lol.
From my perspective, it seems that the next 18 days will be VERY critical to the state of BTC. Assuming we hold within this triangle, I think 7000 USD is imminent, that is without a doubt. While I'm overall bullish on the mid/long term of crypto for the time being, anyone calling bull at this moment is insane as far as i'm concerned. The market isn't going to let us just not test the bottom of this channel, so expect this to go down regardless.
There is, however, a light at the end of the tunnel. With each passing day, the ability for us to break this oppressive sideways resistance is greater and greater. Once we break out, I think it's going to be huge. We are positioning ourselves for another FOMO run, and you can bet that once there's talk of us breaking the ATH, people will be back in again, and those of us that got burned last time won't let it happen again.
As absurd as it sounds, assuming we replicate the dates and percentages of the last bull run, we have a chance to be looking at around 48500 USD near 7/17/18. I'm sure many will laugh at that notion, but we're talking about a market where coins increase from 1000%-10000% like nothing.
Ultimately, remember not to trade out of panic, because if you trust the trends, you will not get burned in this market. If you ever question what's going to happen, simply take a step back and zoom out, you will have your answers.
If Bullish-
TP1: 11811.32
TP2: 17176.83
TP3: 19898.45
Stop Loss: 7282.82
If Bearish-
Entry Point 1: 5875.57
Entry Point 2: 3019.97
Stop Buy: 7282.82
1) BTC had a 93 Day Bull Run that yielded 562.90% in upside.
2) We are 102 days deep into a Bear Run. We have since retraced as low as 70.47%, or 14022.90 USD. At the time of me typing this, we are roughly around 63% from the ATH.
3) I have drawn a sideways support from the start of the bull run, and a sideways resistance from the end of the bull run. The point of convergence for this channel is dated at 4/16/18.
4) Breaking downward out of this channel would lead me to believe that we have continued downside until another point of convergence, dated at 5/26/18. That would bring us to a 100% retrace from our bull run, roughly around 3024 USD.
5) Breaking below THAT would not be fun lol.
From my perspective, it seems that the next 18 days will be VERY critical to the state of BTC. Assuming we hold within this triangle, I think 7000 USD is imminent, that is without a doubt. While I'm overall bullish on the mid/long term of crypto for the time being, anyone calling bull at this moment is insane as far as i'm concerned. The market isn't going to let us just not test the bottom of this channel, so expect this to go down regardless.
There is, however, a light at the end of the tunnel. With each passing day, the ability for us to break this oppressive sideways resistance is greater and greater. Once we break out, I think it's going to be huge. We are positioning ourselves for another FOMO run, and you can bet that once there's talk of us breaking the ATH, people will be back in again, and those of us that got burned last time won't let it happen again.
As absurd as it sounds, assuming we replicate the dates and percentages of the last bull run, we have a chance to be looking at around 48500 USD near 7/17/18. I'm sure many will laugh at that notion, but we're talking about a market where coins increase from 1000%-10000% like nothing.
Ultimately, remember not to trade out of panic, because if you trust the trends, you will not get burned in this market. If you ever question what's going to happen, simply take a step back and zoom out, you will have your answers.
If Bullish-
TP1: 11811.32
TP2: 17176.83
TP3: 19898.45
Stop Loss: 7282.82
If Bearish-
Entry Point 1: 5875.57
Entry Point 2: 3019.97
Stop Buy: 7282.82