Do a comment on your altcoin below this idea, and I will give you my opinion/analysis of it! Make sure you hit the boost button as well to participate. I will answer your comment with an analysis for you on the weekly/daily chart (long term). I start my analysis with Bitcoin:
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- I am bearish on BTC, and we are going to reach 15k - 10k later this year. Also, there is a possibility of going down to 6k and I will tell you why. Why 15k, 10k, or 6k?
- 1) 15k - We have a LOG Fibonacci retracement slightly below the 15k level, and the previous swing low at 15450 should be destroyed to complete the ABC correction. Also, there are lots of stop loss orders below this swing low, and we can do a swing failure pattern. Big players can take advantage of it and buy a large amount of Bitcoin at this level.
- 2) 10k - There is a huge Fibonacci confluence. The 0.618 LOG FIB retracement of the previous impulse wave is definitely a strong support for Bitcoin. The FIB extension from the start of wave A => the end of wave A => the end of wave B gives us the 0.382 projection. As you can see on my chart, these 2 FIBs are close to each other.
- 3) 6k - If you remember a huge triangle from 2018, we can test the POC of it. Also, there is a fair value GAP and a 0.764 FIB extension. I don't think we are going that low; that's why I give it only a 20% chance.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- This pump from 15k to 32k is a bull trap and a fake pump. I do not have too much trust in it.
- We are going to find the bottom between October 2023 and January 2024.
- The majority of altcoins look totally terrible, and I do not see any upcoming bull market. But I look forward to 2024; I think it's going to be a very bullish year, together with 2025.
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