is the BTC target to watch 5990?
In looking at BTC chart, this will be the 3rd time in the last 3 months that we have tested the 6k area.
the first time in late June we hit a low of 5750, bounced, re-tested the low (holding at 5780) before moving upwards away from 6000.
the second time in August, we see a pattern of 3 lower lows with the last being at 5870 before the bounce.
Now with those 2 solid price points, we can extend a trend-line out and see what may be a logical area for the next low.
IF (always the important part) the pattern repeats, 5990 should be the target to watch for several reasons:
1. given where we are, time-wise, on the chart, that would match the trend-line mentioned above marking the lowest lows of each drop.
2. if we look at the difference in first 2 lows... roughly 120 points. 5750 and 5870. apply that same 120 points and we are at 5990.
3. if we look at the shorter trend-line/channel we are in and compare it to the similar pattern we saw in August, a 3rd low down would line up at roughly 5990
Now, all the being said.... my opinion on this ends if and when it touches 5990. Whether that holds as a low or we finally give up the 6k area is another conversation all-together. I do see striking similarities in price action from 2014-15 to current chart:
and we can only hold/test a level so many times before it fails; with each successive test being much more likely that it WILL fail.
(yes, i understand the fundamental environments between then and now are different, but i am only looking at a chart to see what price action history may repeat itself.)
Lastly, will repeat my opinion that i have held for the last 6 months: in the bigger picture...only 2 prices matter to me: 6000 and 12000. Everything in between is just sideways noise. I know that seems kind of redonkulous seeing how that is a 100% range, but again: bigger picture/ trend sense. A real move below 6k completely undoes the run to 20k and opens the conversation for next big target of 3000-3200; while a break above 12k clears out all the previous highs including the massive double top in earlier part of this year, and would only leave the 20k high in its way.
the first time in late June we hit a low of 5750, bounced, re-tested the low (holding at 5780) before moving upwards away from 6000.
the second time in August, we see a pattern of 3 lower lows with the last being at 5870 before the bounce.
Now with those 2 solid price points, we can extend a trend-line out and see what may be a logical area for the next low.
IF (always the important part) the pattern repeats, 5990 should be the target to watch for several reasons:
1. given where we are, time-wise, on the chart, that would match the trend-line mentioned above marking the lowest lows of each drop.
2. if we look at the difference in first 2 lows... roughly 120 points. 5750 and 5870. apply that same 120 points and we are at 5990.
3. if we look at the shorter trend-line/channel we are in and compare it to the similar pattern we saw in August, a 3rd low down would line up at roughly 5990
Now, all the being said.... my opinion on this ends if and when it touches 5990. Whether that holds as a low or we finally give up the 6k area is another conversation all-together. I do see striking similarities in price action from 2014-15 to current chart:
(yes, i understand the fundamental environments between then and now are different, but i am only looking at a chart to see what price action history may repeat itself.)
Lastly, will repeat my opinion that i have held for the last 6 months: in the bigger picture...only 2 prices matter to me: 6000 and 12000. Everything in between is just sideways noise. I know that seems kind of redonkulous seeing how that is a 100% range, but again: bigger picture/ trend sense. A real move below 6k completely undoes the run to 20k and opens the conversation for next big target of 3000-3200; while a break above 12k clears out all the previous highs including the massive double top in earlier part of this year, and would only leave the 20k high in its way.