linking to the post with the most important info and links
i think its quite clear that this recent rally is nothing bet a dead cat bounce. the price will not last at these levels, i truly think we could go as low as 8-12k, but in the short term we will like be stopping around 18.
we havent touched it yet in price, however we have been rejected by the weekly 200 on marketcap.
all signs point to the wedge having officially broken down and the price to return to the MA range (20-18k, can only include 3 indicators on free)
as you can see, there are many signs showing a potential bearish outcome here.
the chart says it all, also this is the first time in over 14 years that the 20 sma and the price have moved below the 200. things are going to become very quick very soon
despite the recent rally, i still have an overall bearish outlook until we can reclaim this .618. as you can see, it has been tested twice before, if it is rejected for a third time the price will probably return to new lows within a couple months.
outlook hasnt changed much from last week, the rejection of the .236 and moving averages is more definite now, meaning a likely retest of the local lows. i wouldnt be surprised if we start testing 12/13k within the next month. also the green bars on the weekly MACD is printing a head & shoulders.
i truly think we are slowly bleeding, i wish it was as quick as a crash but it has seemed pretty drawn out.
looks like there was market manipulation near the end of the called wedge, likely for whales could exit a position or enter a short. i still expect the breakdown wedge target to be hit, which ironically lines up perfectly with the already set bottom, and i expect the price to continue its step further towards 10k. the price has been rejected from multiple fib...
could lightly bounce off the 20 one more time, but i expect the price to fall below it soon. lower highs on rsi while higher prices is bearish divergence, the wedge target is around 15k.
i expect the price to, at the very least, come back down to the bottom of the wedge around 14k, and if that fails as support 10=12k area.
indicators are maxed out in their channels. yes, this dip has been pretty big, but i dont believe a low will be in until around the end of January. i still anticipate sub 10k bitcoin.
just speculation, trying to figure out where the price will land.
waiting to see where we'll find support, price could find support in 13-15k zone where there are a few important trendlines.
as i called about 2 weeks ago, bitcoin was rejected from the weekly 20 and daily 100 (on multiple candles,) i dont think it'll happen overnight but the price has a lot further down to go. hopefully this is not the beginning of /the/ crash, because i think a lot of the stock market will be following soon. check out microstrategies chart today as well, they are down...