** Warning: The timeframe of this analysis will be prolonged if we break resistances of 10k, 12k, and further.
Good day sir, don't think about anything. Here, take a hit of off this Bear Hopium. This is purposefully shown on weekly timeframe, in order to catch some of the significant RSI swings. Do not expect that the drawing will follow the timeline, but I expect this to happen regardless how long it takes.This is important. People think that 5750 was the bottom but that line of thinking is a bull trap. Lot's of people are still bullish on BTC which is not indicative of a bottom. Also, the target bottoms could vary, I just picked 3k because it is the average of Tone vaye's (@ToneVays) prediction (which is 1.3k and 5k). The other areas of liquidity to watch out for is 1300 - 1900. There is also a worse scenario that will bring SOLID permabulls like tone vays to become bears that is when the price goes below 1000 and into the 500s. I guess that will be the ultimate bottom before a point where btc enters a point of no return and just die.
Why go lower? Weak hand Hodlers who bought there that are holding will be Melvins and then proceed to panic sell at break even. And then whales will take their BTC, it's that simple.
Feature points:
-PSAR Break
-RSI Channel break
-RSI Support and resistance
-Price Support and resistance
Long term entry points: Long the sideways weekly bottom
Short term entry points: Short the local top when RSI hits weekly resistance
We are all going to make it
Thanks
Good day sir, don't think about anything. Here, take a hit of off this Bear Hopium. This is purposefully shown on weekly timeframe, in order to catch some of the significant RSI swings. Do not expect that the drawing will follow the timeline, but I expect this to happen regardless how long it takes.This is important. People think that 5750 was the bottom but that line of thinking is a bull trap. Lot's of people are still bullish on BTC which is not indicative of a bottom. Also, the target bottoms could vary, I just picked 3k because it is the average of Tone vaye's (@ToneVays) prediction (which is 1.3k and 5k). The other areas of liquidity to watch out for is 1300 - 1900. There is also a worse scenario that will bring SOLID permabulls like tone vays to become bears that is when the price goes below 1000 and into the 500s. I guess that will be the ultimate bottom before a point where btc enters a point of no return and just die.
Why go lower? Weak hand Hodlers who bought there that are holding will be Melvins and then proceed to panic sell at break even. And then whales will take their BTC, it's that simple.
Feature points:
-PSAR Break
-RSI Channel break
-RSI Support and resistance
-Price Support and resistance
Long term entry points: Long the sideways weekly bottom
Short term entry points: Short the local top when RSI hits weekly resistance
We are all going to make it
Thanks
