Still a repeat of 2014? Time for the large pump or dump...
Read captions in the chart for my key thoughts. Our team think one of the following two scenarios are playing out:
Despite solid fundamentals in bitcoin, the price is still recovering from last parabolic/hyperdermic ascent and breakdown. Two scenarios:
Bear case: We could see a bear market continue through rest of year... ultimate low could be down at ~$1300 area (previous high). This would be lockstep in an eerie manner like 2014 as shown.
Bull case: I still can see we create a Wyckoff "spring" below 6k in the range of $4300-$5500 and form a bottom if we break this support ascending trendline we are dangling on... It's possible we don't break 6k but I think most pro traders/TA folks believe 6k was not the ultimate bottom. The TA right now to me says we need to see a new low form - especially on daily and weekly bearish signals.
...that said, BTC will likely do the OPPOSITE of what everything points to stop everyone out in both bull and bear camps thanks to big institutional players like JPMorgan and Goldman Sachs and other operators secretly manipulating the price with their algos.
Despite solid fundamentals in bitcoin, the price is still recovering from last parabolic/hyperdermic ascent and breakdown. Two scenarios:
Bear case: We could see a bear market continue through rest of year... ultimate low could be down at ~$1300 area (previous high). This would be lockstep in an eerie manner like 2014 as shown.
Bull case: I still can see we create a Wyckoff "spring" below 6k in the range of $4300-$5500 and form a bottom if we break this support ascending trendline we are dangling on... It's possible we don't break 6k but I think most pro traders/TA folks believe 6k was not the ultimate bottom. The TA right now to me says we need to see a new low form - especially on daily and weekly bearish signals.
...that said, BTC will likely do the OPPOSITE of what everything points to stop everyone out in both bull and bear camps thanks to big institutional players like JPMorgan and Goldman Sachs and other operators secretly manipulating the price with their algos.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.