BTCUSDT Bottom & what is next
There is no doubt that Bitcoin entered the bear market at this stage. Since November BTC continues to form LHs & LLs. And here we are in sub $40k zone.
If we look at every BTC peak in the past cycles, we can see it fell from grace before retracing back to the 0.618 / 0.702 FIB levels. Then and only then the Alts Season starts while BTC plunges into the abyss of the bear market, Of course each Alts has different timing and its own Fib chart to follow.
That said, as shown in the charts with the drawn FIB, I speculate that BTC will bottom at 35k in the coming days before trying to breakout from the resistance which is at this stage became 40k. It is a major resistance, so no one can expect it'd break from the first attempt. Historically BTC forms a double bottom (again my speculation it'd be 35k) before taking the 40k resistance and getting to 45k is the second resistance that follows, where BTC may have a correction. Following this correction we may expect BTC to go with high volatility upwards to the 0.618 / 0.702 FIB levels. With this it'd be the kiss of death sending BTC into its bear market while the Alts gets their season.
Of course, while the figures shared above are speculative dependent on how the market eventually plays out, the FIB levels to be redrawn and the levels to play out accordingly.
Lastly, if and only if, BTC goes above the 0.786 Fib level (personally I doubt so) then the cycle continues to extend. And the bear market theory would be invalidated for BTC to set a new ATH this year. But that is a conditional option as stated.
Personally, I didn't decide how to play it but I might follow either of the following:
1) Place bids at 36k-34k zone (the highest risk)
2) Place bids at the double bottom (assuming the bottom is in)
3) Place bids upon breaking out from the 2nd resistance
4) Regardless where I enter, I am exiting BTC at the 0.618 Fib to be safe.
If we look at every BTC peak in the past cycles, we can see it fell from grace before retracing back to the 0.618 / 0.702 FIB levels. Then and only then the Alts Season starts while BTC plunges into the abyss of the bear market, Of course each Alts has different timing and its own Fib chart to follow.
That said, as shown in the charts with the drawn FIB, I speculate that BTC will bottom at 35k in the coming days before trying to breakout from the resistance which is at this stage became 40k. It is a major resistance, so no one can expect it'd break from the first attempt. Historically BTC forms a double bottom (again my speculation it'd be 35k) before taking the 40k resistance and getting to 45k is the second resistance that follows, where BTC may have a correction. Following this correction we may expect BTC to go with high volatility upwards to the 0.618 / 0.702 FIB levels. With this it'd be the kiss of death sending BTC into its bear market while the Alts gets their season.
Of course, while the figures shared above are speculative dependent on how the market eventually plays out, the FIB levels to be redrawn and the levels to play out accordingly.
Lastly, if and only if, BTC goes above the 0.786 Fib level (personally I doubt so) then the cycle continues to extend. And the bear market theory would be invalidated for BTC to set a new ATH this year. But that is a conditional option as stated.
Personally, I didn't decide how to play it but I might follow either of the following:
1) Place bids at 36k-34k zone (the highest risk)
2) Place bids at the double bottom (assuming the bottom is in)
3) Place bids upon breaking out from the 2nd resistance
4) Regardless where I enter, I am exiting BTC at the 0.618 Fib to be safe.
Unless you figure a way to make money while you sleep, you’ll work till you die.
If this doesn’t hold, then 32k to follow.