Price Prediction - Doom or Gloom
Updated
Price is still sitting right at a strong technical resistance.
Bitcoin could be at the cusp of a trend reversal we have last seen back in July of 2018 (red boxes) - the 'great bear trap fractal' mentioned earlier on this channel. On the flip side, we might see a bullish trend reversal we have not seen since April (green boxes) last year.
To sum things up, Bitcoin could now find 'bullish support' in the 8K-region before rising another 50% and breaking 11-13K... or, we could see yet another small capitulation resulting in a prolonged bear-market.
Bitcoin could be at the cusp of a trend reversal we have last seen back in July of 2018 (red boxes) - the 'great bear trap fractal' mentioned earlier on this channel. On the flip side, we might see a bullish trend reversal we have not seen since April (green boxes) last year.
To sum things up, Bitcoin could now find 'bullish support' in the 8K-region before rising another 50% and breaking 11-13K... or, we could see yet another small capitulation resulting in a prolonged bear-market.
Note
Doom or Gloom?Now pull the hog out and team up in our Twitter poll:
twitter.com/LibertaliaV/status/1218177454000549890
Do you see a shadow - Is
BTC primed for many more months of long and lustrous #crypto-winter or can we put away that winter coat for good?Note
The curious case of Bitcoin's correlation with traditional markets:twitter.com/LibertaliaV/status/1218539218038902784
The white line obviously is BTC, whereas the blue line refers to the SPY ETF, designed to track S&P 500 stock market index.
If SPY is trending, so does Bitcoin and if SPY tends to correct, what does Bitcoin do? Yes, looking like a trend-follower.
SPY and BTC bear market seemingly bottomed at the very same time, followed by all time highs right around the same mark, too.
But it doesn't stop there: the bottom of 2018 occurs at a similar time followed by swing highs and corrections for both.
If SPY remains a good indicator, Bitcoin could be seeing some serious upward movement and follow SPY's path to a brand new ATH... only time will tell, but it is curious, isn't it.
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