BTC My Personal View Of The Price Action For Next Few Months
I expect BTC to eventually fall through this orange rectangle price area, like it did right after setting the ATH at 69k. Retail investors still have a lot of hope that BTC price will somehow recover from here and that is not usually the sign that we've bottomed yet. After capitulation i expect the price to first reach 0.618 fib. retr. lvl., then have a bit of correction, only to recover to right about 0.702 fib. retr.
Obviously price will almost certainly behave differently than what i have shown on the charts. It is just how i visualise it at the moment.
Below in the update a will show how such ABC retracement happened after BTC reached its ath 2013/14 and 2017/2018.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.
BTCUSDT
Obviously price will almost certainly behave differently than what i have shown on the charts. It is just how i visualise it at the moment.
Below in the update a will show how such ABC retracement happened after BTC reached its ath 2013/14 and 2017/2018.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.
BTCUSDT
Comment:
2017/18
Comment:
2013/14
Comment:
There is quite big chance that before BTC is to set new lows at 35k are, it could first retest previous breakdown area (green) in the 52-57k area before going for another liquidation. It would also be a perfect bull trap for a lot of retail investors.