- BITCOIN CURRENTLY APPROACHING RE-TEST OF 9K - IF 9K SUPPORT FAILS, NEXT STOP IS 6K REGION, THEN 3K REGION. - POSSIBLE SLOW AND CHOPPY DECLINE" TO 3K OR LOWER
Call it doom and gloom, but Bitcoin is approaching a retest of 9k.
Next stops are 6k and then 3k price ranges. Will be a chopping ride down.
Another possible scenario is for Bitcoin to go back to 13k-16k range before shooting below 10k again.
Should 3k be met, can expect a period of silence for Bitcoin until the next surge upwards.
Bitcoin is full of surprises - I'm not shorting. Shorting Bitcoin scares the hell outta me.
** This information is for educational purposes only and is not advice for investments or trading **
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Appears to have found a recent support line having touched it 3 times. The way it's going it's going I expect price action in 2-4 hours. Will be interesting to see if it does indeed price back up to the 12k-13k range, or bounce down from 12k to re-test 9k
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Really taking it's time for price action!
Now approaching that 9k re-test. Doesn't look to be swinging back up to 13k/14k before this drop though that was definitely in the cards.
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Bouncing off an old trend line (the thick red line) but I dont think that will hold.
I suspect it will bounce again off the thick grey line which connects two previous lows, but the next fib level 7k is my bet.
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Price bouncing above the support line connecting two recent lows (grey) and an old upward trend line (red).
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Price bouncing above the support line connecting two recent lows (grey) and an old upward trend line (red).
May range in this blue area until following below 7k.
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Previous support is now resistance (grey thick line) as the latest 4h candle opened below it.
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Next possible stops are 7k, 6k, then 4k.
Following 4k I expect a period of silence, and it may slowly trend down to 2k-3k region.
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Breakdown down another fib level. Downward pace moving faster now. Looking for the next candle to open in the grey area.
I don't think the price will rebound off the old orange trend line.
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Potential retest of 9k. Should it go above, I'd expect a heads and shoulders pattern formation. If that happens then it's down to 3k.
There is indeed quite a bit of space between 9k and 3k with some old trend lines and other peaks along the way for reference. Looking at how some of the other crypto's are behaving, it could very well just range between 3k and 6k for some time.
knowhatamine
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@PNUTTY,
Weekly Ichimoku support is somewhere between 3k and 4k as well until June which is when it returns to 12k levels. I do think it's a possibility and am mentally prepared to hold through what's gonna come instead of shorting. Fingers crossed.
yeah it could indeed. Maybe I'll liquidate part of my portfolio IF 8k is broken. I won't dare to go short before there is confirmation. We've all been surprised by BTC before. ;)
PNUTTY
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@knowhatamine, Hi again - short on crypto is risky in my experience. We still don't know what the ceiling truely are, though at least bitcoin has established a 17k-20k barrier - that's a long way up though.