DropDead_Fed
Long

Bitcoin bottom targets of $8500~$7500

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Thanks to Eric Crown at Krown's crypto cave for pointing out this RMI+EMA control zone on monthly during last 2015. This is still appearing to be a healthy monthly and weekly consolidation.

You can see in 2015 we actually rose more (411%) than 2019 (349%) from the trough to peak of bear market recovery before the monthly RSI his the bullish control green zone and then retraced back towards the EMA .

In 2015 this pullback contracted 42% in the next two months while now if we contract 42% that would put us at $8k, right in between the $8500 major support (39% correction) and $7500 (46.7%) correction targets during this very HEALTHY consolidation of a parabolic move up.

I will be looking for long entries at $8500 as there is no reason it must go to retest the monthly low candle of $7443. IT SEEMS HARD TO FIND A REASON TO BELIEVE WE WILL SEE EVEN A WICK TO OR BELOW $7443.

This could all play out in a couple weeks as well and off to the races... this time could be very different in terms of time and volatility .

THIS IS NOT INVESTMENT ADVICE - DO YUOUR OWN RESEARCH AND TRADE ACCORDING TO YOUR INVESTMENT OBJECTIVES AND STYLE.
Great Set up buddy.
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