These levels and points in this chart not exact but I tried to justify them with TA's as much as I can. When we look at the 2013 and 2014 patterns we can find similarities with the current trajectory. How low is too low it is up to the market participants. As we can see volume is temporarily
increasing right after followed by big sell offs .
If BTC can stick around 9K level find a good support with a good amount volume then we are good to try the 12K level again.
However I still think the downtrend is not complete yet. Towards end of May we may even see a price around 4.3K if BTC cannot hold support levels 8.8K or 7.5K. this would not be a surprise if you think this type of downtrend happened in previous years mentioned.
Take a look at the FIB levels they are perfectly aligned with up and down of 2017. So supports and resistance levels are identified correctly.
I will suggest wait until the consolidation is over and get in the market right after. At the moment any buy or sell would be a hasty move.
This is just an estimate please do your own research and invest wisely.
increasing right after followed by big sell offs .
If BTC can stick around 9K level find a good support with a good amount volume then we are good to try the 12K level again.
However I still think the downtrend is not complete yet. Towards end of May we may even see a price around 4.3K if BTC cannot hold support levels 8.8K or 7.5K. this would not be a surprise if you think this type of downtrend happened in previous years mentioned.
Take a look at the FIB levels they are perfectly aligned with up and down of 2017. So supports and resistance levels are identified correctly.
I will suggest wait until the consolidation is over and get in the market right after. At the moment any buy or sell would be a hasty move.
This is just an estimate please do your own research and invest wisely.
Note
This is a weekly chart so it is hard to see the changes right away but i think as it was promised the downtrend is still in effect.Note
To me a price reduction towards S2 is now more probable. We will know more about the trend in mid-April. Both weekly MACD and RSI southerly.Note
this is still holding true. price reduction is inevitable.
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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.