Bitcoin: More savage actions? Lets learn from history!
Hello traders,
Since Bitcoin has been trading in a narrow range and it seems like bots are starting to gain control, perhaps it is a good time to predict bitcoin price action in longer time frame.
First off, I want to review what happened in early 2018.
1) All time high -> 2) 50% drop -> 3) Retest 20K (failed) -> 4) Another 60% drop -> 5) Testing 10K level (got rejected twice) -> 6) 50% drop -> 7) Tightening equilibrium
This pattern looks very similar of what we are seeing this year. After bicoin reached yearly high this year, we saw massive drop down to 9.7K, followed by retesting 13.9K (failed). After this failed attempt, we saw another massive drop and found support at 9K. Bitcoin confirmed 10K as resistance and now it is stuck in the range between 9K and 10K. If history repeats itself, Bitcoin should retest 10K again, followed by double top rejection and this will probably cause the Bitcoin price to drop down to low 8K level.
I am not particularly interested in trading Bitcoin at the moment, partially because it lacks direction and bots are liquidating orders in both directions. However, I am very interested in how Bitcoin will react when it reaches either 9K or 10K. If Bitcoin can go above 10K, we can expect another bullish rally in 4-hour frame. Fail to go above 10K again will most likely attract bearish momentum. The same thing goes for 9K level. If Bitcoin can't hold 9K as support, we will most likely see massive bear attack.
Happy trading!
Since Bitcoin has been trading in a narrow range and it seems like bots are starting to gain control, perhaps it is a good time to predict bitcoin price action in longer time frame.
First off, I want to review what happened in early 2018.
1) All time high -> 2) 50% drop -> 3) Retest 20K (failed) -> 4) Another 60% drop -> 5) Testing 10K level (got rejected twice) -> 6) 50% drop -> 7) Tightening equilibrium
This pattern looks very similar of what we are seeing this year. After bicoin reached yearly high this year, we saw massive drop down to 9.7K, followed by retesting 13.9K (failed). After this failed attempt, we saw another massive drop and found support at 9K. Bitcoin confirmed 10K as resistance and now it is stuck in the range between 9K and 10K. If history repeats itself, Bitcoin should retest 10K again, followed by double top rejection and this will probably cause the Bitcoin price to drop down to low 8K level.
I am not particularly interested in trading Bitcoin at the moment, partially because it lacks direction and bots are liquidating orders in both directions. However, I am very interested in how Bitcoin will react when it reaches either 9K or 10K. If Bitcoin can go above 10K, we can expect another bullish rally in 4-hour frame. Fail to go above 10K again will most likely attract bearish momentum. The same thing goes for 9K level. If Bitcoin can't hold 9K as support, we will most likely see massive bear attack.
Happy trading!
Comment:
As expected Bitcoin is testing 10K level again!!