BTC - short scenario$btc i'd say this is a correction
we're still in the bull market
btc seems to follow pre-2014 bull-run
Btc2014
Reference: BTC/USD Recovery from 2014 bear marketReference purposes only.
The key S & R levels marked out from when BTC exited the 2014 'bear market'.
Scroll up to see the current market with levels also marked.
Plenty of 20-30% corrections back then as BTC price rose to eventually surpass previous ATH.
Very similar in the current market - although - the lower highs observed currently is cause for concern!
BTC USD BOTTOM SOONPlease give me a like if you have the same opinion
BTC USD it s near the 1 MONTH Deathcross after we will reach the BOTTOM,same will happened in 2010 and also in 2015(january)
MACD it s still overbought for a long time and RSI is below neutral zone
We need MACD to going at neutral zone which is 0 and curbate slowly up to remain an overral/globally bullish market
Huge support is at 2900-2100$ and this will be the bottom in my opinion because:
-Triangle target is 2800$
-This will be the 86%+ decrease
RSI near all time low
BTC comparison 2014 / 2018, break up or down?I have tracked BTC/USD 2014 market movements and correlated them to the current Bitcoin chart, marking possible similarities, resistances & breakouts. The current position of Bitcoin after the recent rally is drawing closer to the upper resistance, so will BTC breakout - fakeout or drop down to the lower resistance - decision time is looming with Bitcoin maintaining it's price ranging at 6500 USD its on course for a clash with the upper resistance by Mid October at any rate.
This is it: Descending Triangle building up for Bitcoin (BTC)This is it: Descending Triangle building up for Bitcoin (BTC)
Hey guys, my last scenario is still playing out but it is critical that we hold this 7800-7700 level. Otherwise the odds will highly shift in favor of the bulls in a perfect descending triangle pattern that has been building up for the past 2 to 3 months.
This also reflects to be a mirror image of Bitcoin from December 2013 to May 2014.
This pattern makes sense, if you think about it. A lot of people are talking about locking in profits now where last year it was all about 'hodling.' What that psychology is doing to the market is getting bounces of known levels and then selling faster and faster every time. The ONLY way we can break this psychology is by crashing through 9k and all those people locking in profits will get left behind. When this keeps happening again and again, the buy and hold culture will come back thus taking us on a third wave to 11.8k.
There is NO WAY to ignore this descending triangle pattern. I hate to admit it, I've been looking for other patterns but that is me trying to not be objective. Thus, I'm giving this chance a lot more probability at this point.
This will also prove Tone Vays right about going down to 5k (or below). HOWEVER, I am still bullish in that we will recover from this quickly. Like McAfee said on an interview:
'It doesn't matter how low Bitcoin gets, it will come back with a viciousness you've never seen before EVERY TIME'
And I believe that as well :)
That is because I think people FEAR most missing out than loosing profits.
What are your thoughts? What day or year/month are you reading this now? Comment below...
