BTC to $8200 or lower
Updated
After a highly exceptional run bitcoin reached it's 3.618 target, with percussion.
BTC saw it's value reach, in perfect fashion, the 3.618 advancement line.
Also consider Bitcoin's Dominance found strong resistance at a perfectly measured Gann Fann
Please see related idea:
From here, I see two possible scenarios playing out for Bitcoin.
Either, the bear market is truly over and this 5-impulse wave up was just wave 1 of the larger move to come, in which case look to the blue up arrows and green & orange boxes.
This could see the price achieve a new all time high for 2019. $22,528
OR
It was all the US/China trade war and a trade deal announcement and deescalation of tensions between the US and China.
Such an event would happen over the summer. Between potentially next week and say labor day or end of September if you wish.
I think we will have a better picture of things to come by the end of June and again by the middle of July
But in any case, I am quite confident the price of bitcoin will do some type of correction trend lower over the next 1-3 weeks. (Probably 3 - until the middle of July).
short targets - just follow the Fibonacci road!
Green boxes are pretty safe bets, IMO.
1) $9316 (green zone - high prob)
2) $8136 (green zone high prob)
3) $7183 (Yellow zone - med-high prob)
4) $6229 (Orange zone medium prob)
Long targets for Wave 3
(Bitcoin will eventually achieve ALL of these targets, and beyond.)
1) 11,280
2) 13,530
3) 15,779
4) $18,029
5) $22,528
BTC saw it's value reach, in perfect fashion, the 3.618 advancement line.
Also consider Bitcoin's Dominance found strong resistance at a perfectly measured Gann Fann
Please see related idea:
From here, I see two possible scenarios playing out for Bitcoin.
Either, the bear market is truly over and this 5-impulse wave up was just wave 1 of the larger move to come, in which case look to the blue up arrows and green & orange boxes.
This could see the price achieve a new all time high for 2019. $22,528
OR
It was all the US/China trade war and a trade deal announcement and deescalation of tensions between the US and China.
Such an event would happen over the summer. Between potentially next week and say labor day or end of September if you wish.
I think we will have a better picture of things to come by the end of June and again by the middle of July
But in any case, I am quite confident the price of bitcoin will do some type of correction trend lower over the next 1-3 weeks. (Probably 3 - until the middle of July).
short targets - just follow the Fibonacci road!
Green boxes are pretty safe bets, IMO.
1) $9316 (green zone - high prob)
2) $8136 (green zone high prob)
3) $7183 (Yellow zone - med-high prob)
4) $6229 (Orange zone medium prob)
Long targets for Wave 3
(Bitcoin will eventually achieve ALL of these targets, and beyond.)
1) 11,280
2) 13,530
3) 15,779
4) $18,029
5) $22,528
Note
BTC could make another run at the top, but I think we'll only see a lower high or at best, a double top.80+ days of pumping, everything needs a break.
July is looking DAMN good for alts though!! Now is the time to be buying those guys.
Note
I wish more people understood that Bitcoin's price is heavily correlated to the ongoing US/China trade war. I'm going to update this idea for an alternative outcome based on next Tuesday's possible outcome.Bitcoin's price all depends on what happens Tuesday following China/US talks.
Okay, so think of Bitcoin as a god damn Chinese fire dragon. It's shown it self (wave 1).
Right now, it's taking a breather. Waiting for the outcome of next Tuesday's US/China trade talks.
If they're China positive, then Bitcoin's price will play out as my original idea.
However, China negative news. Such as expansion of Tarrifs. The price will rise faster.
Note
Note
Update.As predicted. US/China "truce" is sending the price of BTC back to 10k and lower.
I'm not sure how long the truce will last, possibly the next 18 months until the 2020 election but it seems pretty clear to me that all sides are biding time to build up their military.
Think of Bitcoin and China's currency. It spikes up on trade war escalations. When the US and China go to war in the future, that could be the catalyst sending Bitcoin's price to 1 million.
4 Hour breaking of the trend line here:
Note
And enroute to 9k on the dailyNote
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