Bitcoins Honey Hole
Updated
Im New. Don't Expect much. Don't Criticize Much. I just looked at the chart, changed it to night mode. added a few EMA's. Drew some Bullish Levels of Resistance. Drew some Bearish Levels of Support. I drew this chart on 10/28/19. It's pretty much the area i feel bitcoin will trade in to create it's support for the next bull market. It could go much more bearish, but if i had to guess.. 70/30 this is the bearish scenerio and Our bottom won't go below 5k. Most likely our bottom will be high 6's. This could be our bottom now at 7.5k The Honey Hole is my Best guess for the short-mid term trading action. I know this isn't much, i just wanted to share my first idea to get the process moving. I'll put in more effort into my TA down the road. Thanks for looking.
Note
Our Honey Hole has been filled with Honey.
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I added some Fib retracement lines to the former run up in winter of 2017. See how the Honey holes line up to the recent bull run in July of 2019? Where they fall in an area of support below the trending average which is Short-Midterm bearish. Basically we are riding the backside of the mountain. Overall, we are bullish, and will post some speculation to follow. Full market cycle from 1 all the way to 0 on the most recent red candle today which touched directly on the bottom of my honey hole drawn in around $6800. Note
My predicted and confirmed absolute bottom of $3185, will now be inflation adjusted to $4758 based on mining costs. If bitcoin falls below this price, it will be for a very short time and immediately rebound, or the whole thing is a ponzi scheme, and we're all screwed. I will be looking to accumulate at anything below 6k. I've already started with putting in 1/5th of my investment at 7.2k
I put everything in around 10k in May of 2018. I was a HODLR. I since have become a swing trader. I pulled out 100% of my investment at the recent run up to 10k. i got out at 9.6k. I'm looking to start accumulating again before the Halvening in May and my target area is 5k-7.2k
At 6.5k i will put in half my investment. Im looking to buy in tiered levels to hedge my bets, i will sell off in tiered run ups as well to take my profits.
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To sum it up, short term bearish, looking to accumulate. Long Term Bullish. Looking to Hold.
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