My chart had this macro trendline for almost 2 years now and we are slowly getting there. I think we might retest this previous support from a few years back. At the same time if BTC becomes in the following months a safe haven, and it gets more adoption as hyperinflation occurs worldwide and the current economic system fails. I think it might just retest 4000$. However, we might get a strong bounce from the 5000$ area as that is the golden pocket fib retracement for our current move from 3600$ to 7500$.
It also depends on how the stock market performs. If the S&P and DOJ drop below their previous lows, then they might drag bitcoin down temporarily. Bitcoin could decouple soon so keep that in mind.
This will be the last chance to buy BTC on the cheap as after this is moon time. Only the weak hands will be shaken out. I believe however that we reached capitulation when we dropped under 4000$ as the volume on that daily candle clearly indicates that.
We also have a beautiful hammer on the monthly and historically this was a bullish reversal for BTC.
The 200 weekly moving average should hold and it's hovering around 5700$.
2400$ is just a scenario and the odds of doing that are around 40% because of the whole virus situation. If this didn't exist this would've had a 10% chance of happening.
It also depends on how the stock market performs. If the S&P and DOJ drop below their previous lows, then they might drag bitcoin down temporarily. Bitcoin could decouple soon so keep that in mind.
This will be the last chance to buy BTC on the cheap as after this is moon time. Only the weak hands will be shaken out. I believe however that we reached capitulation when we dropped under 4000$ as the volume on that daily candle clearly indicates that.
We also have a beautiful hammer on the monthly and historically this was a bullish reversal for BTC.
The 200 weekly moving average should hold and it's hovering around 5700$.
2400$ is just a scenario and the odds of doing that are around 40% because of the whole virus situation. If this didn't exist this would've had a 10% chance of happening.
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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.