As we can see in the main chart above, Bitcoin price reached the red dashed line and the fight between Bulls and Bears is under way. Yes, it is the small area marked with a circle where Bulls and Bears are involved into a heavy fight about the direction of the Bitcoin's price. I will publish an update, which will show the area inside that circle maginfied in a chart with one minute candles.
The sceanrio is simple.
The sceanrio is simple.
- 1. Bitcoin is in a strong bear-trend. The first move went down from 17174 near point 3 to 9005.
2. Right now, the price of the Bitcoin is in a consolidation from 9005 up to 12787. As mentioned above, Bulls and Bears are involved in fight at this level. Who will win? Which direction will Bitcoin go?
3. As we can only interpret a chart in connection with the news, I say that we will see a crash this coming week and Bitcoin will fall to the level of 5568.
Read more in my previous idea. why Bitcoin is that much under pressure:
Note
The below chart is magnified and shows the fight between Bulls and Bears around the red dashed line. Who will win that fight about the future direction of the Bitcoin's price? The price movements of Bitcoin follow exatly the story book of my predecessor idea.
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Note
The fight on the important red dashed line seems to continue. Bulls and Bears are pulling in their direction. The price of Bitcoin is moving up and down. What a great time for swing traders! However, none of my trading platforms is open on a Sunday while Bitcoin is traded 24/7. Does someone know a licenced trading platform that is open 24/7? Your advice is welcome!
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Good Morning! It's Monday and we start into a new week. It will probably be a week full of action. What happened over the weekend? BTCUSD moved up to the red dashed line at 12787 and there was a fight Bull against Bears. The Bears won and BTCUSD is declining. The overall scenario is bearish. Right now, the price is locked inside a small flag, marked as “trend continuation pattern” in the chart below. I expect an outbreak to the downside.
Over the weekend, the test of the red dashed line happened with low volumes. We have to expect that the traders want to test that important red line again when the European market opens at 09:00 UTC+1 and the US market at 15:00 UTC+1. UTC+1 is the time in Central Europe: Zurich, Berlin, Amsterdam.
Alternatively, a crash could occur if panic spreads.
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The predicted breakout just happend. The bear-trend is confirmed. We will see, how far down BTCUSD will move before a pullback and another test upwards when the US markets open. Note
The US market just opend and they try the upside first. They will not succeed on the upside. After a while, BTCUSD will drop to 9905. At 9905, there will be a show down between Bulls and Bears. Who will win? I assume the Bears will and the price of the Bitcoin will drop down to 5568. Note
I just made a minor change on the scenario: The red dashed line moved from 12787 down to 12230. As long as BTCUSD stays below that red dashed line, the bearish scenario remains intact. Above that important line, a bullish scenario of riches and wealth is waiting. Note
Sorry, wrong image. Here is the image matching the above text. 
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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.