Bitcoin / BTCUSD - 2019 Outlook Part 2

Updated

$8,900 proved to be the top for Bitcoin // Manipulative price action gave us bullish structure only to break down over $1,000 within hours.

LONG TERM OUTLOOK //

Important

I am now expecting Bitcoin to target our Daily Demand Pivot within the Mid to Long term // This level being the $6,100-$6,500 USD level.

I would like to see the bulls hold this area and form HTF demand once the price level is reached //

Until then their is a MAX PAIN scenario we are looking @ currently.

Via our Fib extension // Fib Retracement // EMA

We have confluence @ the $5,400 USD level for BTC.

- Fib extension 1:3
- Fib Retracement 0.62 Golden Pocket
- Daily 150 / 40 EMA

This also comes into play of a narrative being “Long the $6,000 re-test and we’ll be okay.” We could see a massive influx of buyers hop in around $6,000 only to get wicked out towards our Max Pain $5,400 USD target.

This is the scenario I am leaning with ^ // Although I will remain vigilant within our Blue Demand area.

Long term targets of USD

Comment

We are looking for a break above $8,905 for our Bull Bias towards 13K USD

TDSniper

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