Bitcoin BTC - heading towards 7k support zone - and a recession
Updated
At around 7k within that blue zone, we would face a cumulation area between the monthly 21, weekly 100 and fibonacci levels of the highs from 2017 and June.
Within the next weeks, we'll most likely reach the area between those levels.
This week, we are facing a potential drop by 19%, setting up a 80% probability towards more downside in this market.
Short term, a window of opportunity opens around 7k - let's wait and see.
Longterm, statistically this leads towards a longterm recession and a downside around 85% market value based on 2015' and 2017' bubble bursts'.
That would be around 1.6k... next year.
Within the next weeks, we'll most likely reach the area between those levels.
This week, we are facing a potential drop by 19%, setting up a 80% probability towards more downside in this market.
Short term, a window of opportunity opens around 7k - let's wait and see.
Longterm, statistically this leads towards a longterm recession and a downside around 85% market value based on 2015' and 2017' bubble bursts'.
That would be around 1.6k... next year.
Comment
It's 2 month ago now - and finally we reached that zone:Let's evaluate the predications:
1) "cumulation area between the monthly 21, weekly 100 and fibonacci levels of the highs from 2017 and June":
Two Months ago that was the blue box there, quite a narrow range today: it is between 7.1k-7.15k while the fibs are between 7.15-7.25k - but we tested them and recovered above.
2) We dropped by 20.1% - raising the odds to a downside heading market
3) That window of opportunity around 7k - I overestimated that - it happened to be 7.333k end of October.
4) Longterm low, statistics still hold - but 2 month later, propabilities rise towards a much higher low above 5k - let's see.
Trade closed: target reached
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