Bitcoin BTC - Target $5400, $3100 or $1100?
This is going to be very short and sweet as it's a long term analysis. This theory will only continue to be valid as long as Bitcoin does not break above $8400.
I've got an other idea that explains why I am using $11683 as my fibonacci pull, so you can find that in my idea "Cycles - Opinions Wanted!". It continues to be valid that we have pulled back to the 61.8 and have not crossed above it. The algo target almost hit perfectly.
Now onto the long term theory. Throwing a on this whole structure gives us a series of targets with strong support along the way. Please don't pay attention to people that say "Bitcoin can only go up from here!" without giving supporting ideas behind it. If you ever hear somebody say "Buy bitcoin for financial freedom!" or "If you sold here you'll be sorry next year!" then please unfollow them. These people are infectious for the market.
The chart does not lie. The theory is simple! We break $8400 or else we are going to down. Why take the risk holding something that has been looking bad this week?
When you throw a starting from $11683 and pull it down to $3121 and bring it up to $8400 which is where we've currently topped out, we have high probability (yes, probability) that we will hit that . This looks bad. I am not going to say that this is 100% but what I will say is this is our probability as long as $8400 is not violated.
Support along the way, which will be story and likely fake people out are:
1. $6400 again
Ok, before I commit to being a lunatic for throwing out $1100, I will say that trading is a very fluid activity and you have to be able to react to market conditions as they evolve. It's very likely the 200 weekly moving average will hold again, which has been steadily rising. I believe $5400 will provide the most support and there's a chance that we bounce hard there. We'll see what happens when we get there. Right now, I am saying we see $5400 before we see $10,000. What I don't know yet is whether or not we'll see a return to our $3100 low or get new lows before then, too. Nobody knows at this point really. Anybody that claims to know is lying to you.
Trade safely friends!
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