Bitcoin Headed to $8,000
There's two primary setups I see here, based on pure price action. We've put in numerous higher lowers and face more aggressive sellers every time we try to step higher and make a new high.
This leads me to believe we have seen the local top, and Bitcoin is headed to the low $8,000 range. Short now, or short later. Either way, it's a short.
The green target area is where the most liquidity is, and also where I would expect a significant reaction or a bounce. It's too early to tell if $8,100 would be the bottom, but I think roughly $7,800 is potentially on the cards. Anything under $8,000 will be a steal in the longer term, say 1-2 years.
Lastly, I do not believe we will retest the yearly open ~$7,150 but if we were to (highly unlikely in my view) that would be my call for the "generational bottom" in crypto. I think this next dip will be the FINAL dip before the next massive bull run where we finally break $20,000 and hit peak crypto mania in 2021.
This leads me to believe we have seen the local top, and Bitcoin is headed to the low $8,000 range. Short now, or short later. Either way, it's a short.
The green target area is where the most liquidity is, and also where I would expect a significant reaction or a bounce. It's too early to tell if $8,100 would be the bottom, but I think roughly $7,800 is potentially on the cards. Anything under $8,000 will be a steal in the longer term, say 1-2 years.
Lastly, I do not believe we will retest the yearly open ~$7,150 but if we were to (highly unlikely in my view) that would be my call for the "generational bottom" in crypto. I think this next dip will be the FINAL dip before the next massive bull run where we finally break $20,000 and hit peak crypto mania in 2021.
Trade closed: target reached
Wow, I called the exact top and bottom of this perfect! Patience pays off, guys. The current price is ~7,900 and I am expecting a bounce from here. I think we will see another test of 8.2-8.5k before continuing lower to possible test the yearly open at $7,163. Overall, great trade. Hope you got in!
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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.