This is an update to an already existing idea of mine that keeps developing. The logic behind this chart, other than pattern analysis, is simple; Market psychology paired with a bad economy. In this chart BTC breaks down to 11.5k by the end of the December timeframe (though timing is impossible to predict, this is just an estimate. If often takes longer than I estimate) and only if BTC touches the broadening wedge line, otherwise it keeps heading down until it touches it. Then it goes up quickly. Oh my goodness BTC is back...it's hit bottom, everyone is long. Not so fast. This is the psychology aspect. BTC runs up quickly to pull in the longs at around 32k only to dump all the way down to 7.5k before I would consider going long and only then will I need substantial proof such as a recovering economy. The economy stinks and sadly BTC is not a hedge against the type of inflation we are currently experiencing. If the FTX situation hasn't affected your trading plan, I would say it may be a mistake not to consider its effect. More trouble is coming. The 32k rise I show on the chart is likely the exit plan for some of the big investment companies IMO. Good luck. Stay safe and be patient. Don't let BTC ruin Christmas with the ones you love. Its best to be patient in these times and not lose the precious money you worked so hard to earn and utilize to care for your family. They are a much better return on investment anyhow. Take Care!
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Smaller timeframe idea...
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another idea to speculate where BTC may bounce ...
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I think this may take a while. Slow churn down until mid April? Just an idea
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moving along the path which means we can suspect a sharp drop here within the next couple of weeks ...let's see
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Just an idea ...
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last idea and then we will wait and see...what if BTC falls all the way down to 10.7k ish by the end of the month? If so then it could rally back up to 32-42k by mid April. One thing is for sure is that this needs more time to develop. Pair with your own analysis. As a reminder, no one knows what this crazy market is going to do. This is only an idea...
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Still my thoughts ...seems like BS to me but we shall see.
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such is the market ...idea is being blown out of the water....good luck to you all.
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Will the market try to shake investors out before resuming up or is this BS and it will continue down until its clear rates will b stable?
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The market is starting to decide... closing this idea as I don't want to risk influencing one way or another. I post ideas to help with one's analysis, not hurt.
Good luck
Bullish idea...we shall see
Good luck
Bullish idea...we shall see
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I would imagine there will be a pullback in the near future but we shall see...final post on this idea. Take care.
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I lied ...one more post but what the hell was that or still is? ...hmm. I'm out of my league I suppose. Here is another bearish idea. Seems the euphoria is dying down on all markets. Kind of like when people go to the gym in the New Year..yeah I'm gonna do it and then.. hmm watching TV on the couch is more enjoyable. We shall see but if BTC does drop this much ...good grief, get the hell out. Its risky business at the moment IMO. Some coins seem to have made it down and are slowly building but some have plenty of room left to drop. Take Care!
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nope ...maybe the US market can hold its position and BTC will rise up with haste...we shall see...take are.