BNB/USD Daily Price Targets — June 2023Hey traders, looking at the price action of Binance Coin to the U.S. Dollar on the daily time frame, it’s clear we can see higher lows from the ‘market bottom’ last summer during the 3 Arrows capitulation event. From here, we saw a higher low from SBF’s capitulation event and from here, we created this parallel trend that’s been held on this most recent swing low.
Now, we don’t have anymore capitulation events (that i’m aware of), the US just passed the debt ceiling bill so they aren’t going to default, and all FUD is turning to be a farce. I’m expecting some consolidation around this $293 - $300 level (in this parallel trend) until we inevitably reverse back up towards the Feb 2021 swing high level and above. Unless Binance itself crashes, this coin and the rest of the market, especially Litecoin is getting primed for the halving event and future growth to the upside.
If we drop lower and lose $258 somehow, then that’s another story and Binance would be on the loom of the next great financial disaster. Highly unlikely, but possible as all things have a possibility, we need to make our best educated guess.
I’m expecting June to be another slow month of selling off until we see that market reversal back up, this should happen in tandem with Litecoin’s event later this summer.
As always, please do your own research. This is not financial advice or meant to be in any shape or form, and the chart is meant as art only.
Easyloottrading
BTC/USD Price Targets — May 30th, 2023Hey traders, quick update on Bitcoin to the U.S. Dollar. We haven't seen any movement since our run upwards in March to ~$30,000 and have been in an extended period of consolidation since.
At the moment, the bulls and bears are fighting over a 3% range... this isn't healthy for anyone. I am sitting back and waiting for a direction change or a confirmation that we're going to see some movement. I believe if we don't see our spike upwards and run a new high this week, we're going to see a slow bleed down back to $26,000 and eventually $24,000 before spiking up and making our third leg up going into the Litecoin halving.
The yellow range has not been backtested, but neither has the $19,000 level. Starts of bull markets don't need to backtest levels, otherwise how would they advance up?
Litecoin halving should have some effect on the price action as well as couple that with the meme coin craze and you have a cocktail of fresh liquidity.
Again, this is a 3% range and is pointless to argue over bull / bear. Just wait for either a retest of $24,000 or a close over $29,000. This is what we like to call no man's land and you will get smoked trying to long / short unless you have a high risk appetite.
My personal trades on this move i'm making is that i'm long but only with a quarter of my account. I'm waiting for another liquidity spike down to fill the rest of my account or sell the 25% at around $31-36K, whichever one comes first.
I'd say just be patient, markets need time to settle down and cool off before making another leg up.
Be creative, look elsewhere for volatility, because it sure isn't here right now.
As always please do your own research, I am not a financial advisor and this chart is intended for educational purposes only.
ETH/USD 4H Price TargetsLooking at the 4-hour time frame of Ethereum, we see see flat price action for the past month. The price has been floating over this 1645 level that hasnt been retested, but neither has $1284 on that March low.
Just like the banking contagion in May, i’m expecting some upside because the crypto markets really liked the banks failing. There’s the downside potential of ETH retesting 1,645, which would break the current market structure, but if we hold this current level around 1,820, i’m expecting another retest of 1,995, the EQ of this range and a psychological level for Ethereum.
This downwards move I believe was the weekly / monthly low being created, and i’m looking now for upside to 1,995 and 2,120. These two targets would complete and reach the top of the range, then we look for our expansion candle outwards to 2,407.
As always please do your own research, this is not financial advice.
Grayscale Ethereum Trust (ETHE) Daily Price TargetsHey traders,
Looking at the daily time frame of ETHE here, if Ethereum can continue its move upwards, we can expect to see a $ 12 price target for ETHE.
At the moment, ETHE by itself is -44% Discount to NAV which means you’re essentially buying Ethereum spot price around $1000.
The $ 8.78 support level has held and i’m expecting that to before this move up and out of the $ 8.78 - $ 9.78 range, and hitting $12.11 as a result of that momentum.
Again, this chart basically depends on the spot price of Ethereum, These targets I have marked are where i’m looking to take profits:
🎯 12.11
🎯 13.89
🎯 15.97
As always please do your own research, this is not financial advice.
ICP/USD 12H Price TargetsHey traders,
Looking at ICP on the 12-hour time frame, we see the two local highs that were created and the question on everybody’s mind is can we go higher?
Breaking down the TA, we look like we’ve retested our levels of support at $5.24 and can now move up / change in direction to the upside. We may fiddle around between the $5.24 - $5.59 zone for a bit before advancing towards $6.37, but we could also go straight there.
Next targets after securing $6.37 as support would be the sweep around $7.2 marked in orange, and then $9.43. There really isn’t much sell orders on the books and that’s something to factor into your trade as well.
I belive this previous move was just a teaser for the real move up, and the zone of accumulation that we’re in was from $4.88 - $5.59. Everything in between and out of that range was deviation from the accumulation zone. We may just pump to $9.43 on this next wick up, however, we need some sort of momentum to carry the price 100%.
ckBTC integration was great, shot the price up tremendously, and we need the same kind of hype with ckEthereum as well as more BTC locked on the ICP chain, garnering momentum from all angles to support the squeeze in price.
It’s going to happen one of these days, Cycles are used by developers (a necessary resource) to keep their canisters alive and is native to the ICP chain, tied to the SDR (Special Drawing Rights) currency.
Remember to take profits on the way up.
As always please do your own research, this is not financial advice.
ETH/USD 12H Targets — January 8th, 2023Looking at the 12-hour chart of Ethereum, this is an extension of my previous chart as there has been no volatility during the holidays and the markets haven’t really moved. We can see ETH is still in its accumulation zone and gearing to breakout to $1287 and beyond.
This move will play out to TP1 & above marked:
🎯 $1,287
🎯 $1,347
Ethereum trade is invalidated with a candle close below $1,221 as we would look to reposition this play.
Attached to this chart are my previous 2 ideas on Ethereum.
As always please do your own research, I am not a financial advisor and this chart is for educational purposes only.
BTC/USD 12H Targets — January 8th, 2023Looking at the 12-hour chart of Bitcoin, this is an extension of my previous chart as there has been no volatility during the holidays and the markets haven’t really moved. We can see BTC is still in it’s accumulation zone and gearing to breakout to what looks like $18-19k after the weekly close.
This move will play out to TP1 & 2 marked:
🎯 $18,155
🎯 $19,356
Bitcoin trade is invalidated with a candle close below $16,250 as we would look to reposition this play.
As always please do your own research, I am not a financial advisor.
ICP/USD 12H Targets — January 8th, 2023Looking at the 12-hour chart of Internet Computer, this is an extension of my previous chart as there has been no volatility during the holidays and the markets haven’t really moved. We can see ICP is still in its manipulation zone and gearing to breakout to $4.60 and beyond.
This move will play out to TP1, TP2 & TP3 marked:
🎯 $4.60
🎯 $4.99
🎯 $5.59
Internet Computer trade is invalidated with a candle close below $3.95 as we would look to reposition this play.
As always please do your own research, I am not a financial advisor.
Snapchat [SNAP] 2023 OutlookLooking at SNAP on the weekly time frame, I kept a basic chart with only one support & resistance zone as well as one indicator that is mine, the cycle bottom indicator. We can see in the 2019-2021 cycle that we created this move from $7.05, which is marked as the bottom level in the accumulation zone with $9.20 being the top level, where the price is currently trying to break out of.
I believe most of the storm of this price falling has passed us, and we’re about to enter a period of extended consolidation. Markets can’t move up down up down in a ping pong fashion, it needs time to consolidate. $7.05 - $9.20 is a prime accumulation zone for the longer term where we return to the mean around $23, marked as the bottom level of the resistance band seen on the chart.
Some key factoids about Snapchat:
319 million Daily Active Users (DAUs)
$1.3B Quarterly Revenue (3x from 2019)
Advertising accounts for 99% of Revenue
Going off solely the quarterly revenue and leaving the increase in DAUs out of the equation, the fair value of SNAP should be 3x higher than it is right now, and a return to mean from this price point would sit Snapchat comfortably around the bottom level of the resistance band, conveniently the same $23 level as marked out on the chart.
From here, we may see the start of the next cycle, or we may not. That’s forecasting with a crystal ball in a sense, however, I am expecting another cycle in the future, although I’m not sure how long this consolidation period will be.
Cathie Wood entered at $54.98.
Cheers traders!
As always please do your own research, I am not a financial advisor and this chart is for educational purposes only.
ETH/USD — Monthly Time Frame OutlookLooking at the monthly time frame and analyzing the 2017 cycle at large, it took 1096 days for Ethereum to reclaim its previous ATH at ~$1400. From here, we saw the historic cycle upwards almost claiming $5000, but falling a bit short.
The top of this cycle with the extension of 1096 days puts Ethereum at reclaiming the previous ATH in late 2024, alike to December 2017 and December 2021. History doesn't repeat itself, but if we were to follow this same structure then we'd see this cycle play out with the Bitcoin halving event in 2024. This year i'm expecting a similar short run-up like that of early 2019, before continued consolidation going into 2024.
There's going to be plenty of trading opportunities and more volume as opposed to 2022 where it was a constant free fall; markets have found themselves, not necessarily bottom on select assets, but ranging near bottom levels.
I mean sure we could go lower, like anything, you must take a look at your risk on your trade. What am I risking by taking the trade vs. what am I risking by not taking the trade? Well I entered at $975 for my long term Ethereum as i'm fairly confident $880 was the bottom on seen in June, and my risk by not taking that trade would be missing out on the double digit % gains from the bounce and the return to the mean in a few years. If I didn't take this trade I would be sitting on the sidelines and waiting, hoping, and shilling doomsday posts on the blue bird app in order for my thesis to play out so I can enter at a lower position. Nobody wants to be proven wrong.
Trading wise, this isn't a trading post, this is moreso a long term outlook, and throughout the year i'll update on some positions of mine. I will definitely keep you updated if we come down and wick lower, but for the most part, the markets are down 80%, this is prime position re-entry zones for the long term.
Daily reminder for your chip stacking: It doesn't matter whether you buy a commodity for $7, $100, or even $1216 when it's trading at $5000.
The markets have for the most part capitulated the 2021 hype cycle lads, and now all we're left with is the hardened crypto veterans who are in this for the long haul. It's going to be a long and slow year for the most part, but at least we'll have more volume to play with.
As always please do your own research, I am not a financial advisor.
BTC/USD Daily Levels — December 21st, 2022Looking at Bitcoin on the 12-hour time frame we see we accumulation underneath the 2017 ATH price of around $16,889. Huge manipulation tactic to scare retail out of positions, and when everyone thinks the market can go lower and is boring, that’s when you should be paying attention.
From here, if we can successfully reclaim $16,889 I’m expecting Bitcoin to reclaim $19,356 before distributing into the range of $20-21,000.
Green boxes are marked accumulation
Yellow boxes are marked manipulation
Red boxes are marked capitulation
Bitcoin Volatility moves in this direction: Capitulation --> Manipulation --> Accumulation --> Disbelief --> Distribution
After the range of distribution, a newsworthy event takes place and offers exit liquidity to institutional players, creating a contagion of wide-spread market selling. This cycle then repeats, but on a different time frame / scale.
Trade is invalidated if we break below manipulation and slip into $13k, although that is in the realm of possibilities, I don’t have that on my bingo card of 2022, per se.
As always please do your own research, I am not a financial advisor.
ETH/USD Daily Levels — December 21st, 2022Looking at Ethereum on the 12-hour time frame we see the bounce from the $1,161 level which could’ve just formed the local bottom for this next swing upwards.
1st target I’m aiming for is $1,287 and then we’ll re-evaluate from there, but huge capitulation move down in November, so would expect the same set of volatility to reclaim back on the upside.
Trade is invalidated with a close underneath $1,161, from there, looking at $1,110. As of now, price action is looking good.
As always please do your own research, I am not a financial advisor.
(ICP) Internet Computer EOY Price TargetsDfinity’s Internet Computer (ICP) has been featured on crypto news websites more as of recently, especially after the FTX crash. There’s been rumors that they manipulated the price action of this coin because they were scared of the public finding out about its groundbreaking technology. The truth can only stay hidden for so long, it’s only a matter of time before the masses figure it out.
In recent news on the ICP blockchain, the Internet Computer can now serve as a Layer 2 for Bitcoin where smart contracts on the Internet Computer coan hold, send and receive Bitcoin natively, without the need for blockchain bridges or other third parties. This provides a trust-less foundation or various DeFi and Web3 applications looking to code on the Bitcoin blockchain.
This is game-changing for the industry, finally brining smart contract functionality to Bitcoin and enabling a whole new landscape of DeFi and DApp development that was previously only dreamt of. The Internet Computer’s integration with Bitcoin also provides a mmore secure alternative to centralized bridges in the form of threshold ECDSA (Elliptic Curve Digital Signature Algorithm). The implementation of ECDSA empowers the Internet Computer’s canister smart contracts, to directly conduct Bitcoin transactions without an intermediary or bridge. This provides a trust-less framework for DeFi projects that wish to use Bitcoin and doubles for ICP developers to natively code on the Bitcoin blockchain.
There are now 200,000 canister smart contracts deployed on the Internet Computer. At the same time, the network is casually processing 10,000+ TX/s! This is truly an achievement showcasing the incredible ICP developer ecosystem and the scalability of the Internet Computer.
Now moving into the technical analysis side of things, looking at the 12-hour chart we can see a clear pattern of capitulation, manipulation, and accumulation. This pattern was seen from $975 on ETH in the summer and this looks eerily similar for some reason. I know Vitalik has said in a small press conference with no major media outlets that Dfinity’s Internet Computer was a sister network to the gargantuan ETH blockchain, but didn’t expect the charts to coincide like that.
Anyways, the capitulation period during the start of November was accelerated by the FTX crash & accompanying ripple effects, and then for the rest of the month we spent in manipulation underneath the major accumulation zone found from the lows formed in the summer (July capitulation event).
From here, i’m expecting continued consolidation around this accumulation region at $4.30 - $4.60 before an eventual breakout to my (2) target profit levels:
TP1 🎯 $4.99
TP2 🎯 $5.59
The first $5 level acts as this range’s EQ with the top of the EQ being TP2 @ $5.59. The accumulation zone is phenomenal for long term scooping and could potentially come out as a bottom. Although it may occur, i’m not expecting one giant candle upwards, it’s going to take some time to play out as we just 1st touch rejected off of the $4.60 level. You can zoom back in the charts and find that is the swing low from the July capitulation event. Huge level of support turned resistance that we are currently trying to breakout from.
As always please do your own research, I am not a financial advisor.
BTCUSD February 2022 Technical AnalysisLooking at the 2-day chart of Bitcoin moving into the month of February, we can see major similarities between Summer 2021 bear market / correction & this most recent Crypto Winter.
Both market corrections sold off about ~50% of their market capitalization, followed by a little over a month of accumulation / consolidation around their respective higher low levels.
In the first bear market, Bitcoin caught the uptrend as well as the level of support at $30,838. From here, we saw another cycle top which lead into the next bear market.
In the second bear market, Bitcoin lost the uptrend but wicked the $33,099 level of support, closing out the CME Futures Gap, multiple LG levels, and ended up posting a higher low to confirm / continue the bullish momentum.
We aren’t necessarily bullish after flipping the market structure on this $33,099 touch and still need to go through this month period of consolidation before the next leg up. Throughout February, we should continue to see bulls be shaken out, and they will flip the MS again back to the upside once shaken.
At the moment, Bitcoin seems to have the momentum to wick the $39,696 level, and from there we will re-evaluate our position and determine whether the price is flipping bullish or creating this lower high to another leg down. Chances are, they aren’t going to make this easy for entries, you really just need to commit to a price and stick with it.
To hit $33,099 on entry you needed to have that level set with the orders placed as that move happened very fast. I don’t believe market makers will allow retail another entry at $33,099 (but what do I know, i’m not a maker) and the best we could see is a retest of the $34,484 level on the way down as we paint the new monthly candle.
I’ve taken the time to backtest my strategies and try them historically. Looking back in time starting at the 2013 cycle, I’ve marked 3 simple candles: Start of the uptrend ($13.50), Cycle Top ($185), and the Swing Level ($47.24).
Now taking a look at the end of 2013 cycle, i’ve marked 4 candles: End of 2013 Cycle Top ($1,119), the Swing Level ($325), Start of the Uptrend ($123), and the 2012-2013 Cycle Top level ($185).
The 2017 bull run has a few more lines, disregard them for now except for the start fo the uptrend, swing level, and the 2017 bull run all time high price.
Now with all of these previous cycles in mind, let’s take a look at a few glaring similarities. It’s obvious that Bitcoin moves in cycles, however, understanding the lengths and depths of these cycles isn’t so obvious.
(Side note: You can find the Bitcoin Cycle Top Indicator on my profile page, ‘add to favorites / like’ the indicator to add it to your chart)
After Bitcoin has its blow-off top, it is soon followed by a heavy market correction. Something to notice is that Bitcoin has always pulled back to the Swing level, not the start of the uptrend. Bitcoin has never pulled back and retraced 100% of its gains to the start of the uptrend, and instances where the Swing Level gets front ran, like in 2013, it is followed by an extended period of accumulation before the next leg up. This exact pattern occured in 2017, where Bitcoin front-ran the Swing Level by only a few $, but because of that it had to endure a 4-year bear market.
Based on historical data, if we front-run the Swing Level after the Cycle Top, we should expect a 3-4 year bear market, followed by another blow-off top.
Now let’s move onto the current cycle, 2021. Just like every cycle before, i’ve marked the start of the uptrend, the swing level, and the 2021 Cycle Top. In Summer 2021, we’ve already backtested the Swing Level, therefore it was a valid move upwards going into the end of the year.
The start of the uptrend is placed at $18,967 (and I was very liberal with that placement, it really starts at $10,524 with a LG at $12,775) and just like every cycle previous, this one doesn’t look like it’s going to come back down and retest there (knock on wood).
Now, taking a look at the CME Futures (BTC1!) on the 2-day time frame, we can see the liquidity gap that has filled at $32,930. This backtested to a Tee, not a dollar over or under, and is now primed to move up. I strongly believe that the market makers will not let retail get an institutional level entry, however, that is simply not up to me.
Bitcoin has historically backtested all of the levels it needs to in order to move up properly without exhaustion, closed the liquidity gap on the CME Futures, and is increasingly becoming more scarce on exchanges day by day.
As always please do your own research, this does not constitute as financial advice as this information is for educational purposes only.
ETHUSD Heading Towards $3,242 SupportQuick update from my previous idea earlier this week, looking at the daily time frame of Ethereum and zooming out a bit from the 4-hour, we can see Ethereum has lost its support at the $3,500-$3,600 area and is now trading along support at the $3,431 level.
From here, i’m expecting Ethereum to follow Bitcoin’s movements, however, base case am expecting for Ethereum to retest the $3,242 level as well as the $3,162 level as its consolidating around the $3,242 - $3,431 accumulation area. Ethereum has lost its longer term uptrend and is trading below this downtrend, however, it isn’t something to worry about and will regain as the markets pick back up.
With the frothy stock market and looming price of Bitcoin, there could be possibilities for Ethereum to drop below $3,000 on a scam wick. Ethereum’s equivalent to Bitcoin’s 1.618 Fib level is placed at $2,709 and if the market makers are feeling good, we could see a scam wick down to that price. This is very off-chance and am expecting a $3,162 potential great target for Ethereum to bounce off of. This move also depends very heavily on the price of Bitcoin and I will continue to keep all of you updated.
As always please do your own research, this does not constitute as financial advice.
BTCUSD Heading Towards 1.618 Fib LevelQuick update from my previous idea, I shouldn’t have used the words bottom that was improper wording and wish I could’ve rephrased that. Anyways, looking at the daily time frame of Bitcoin and zooming out a bit, we can see that BTC has lost support at the $43,850 - $44,854 area and is now trading inside of this downtrend again.
From here, i’m expecting Bitcoin to retest the 1.618 Fib level at $39,696.01, the bottom of the accumulation area, and then bounce from there after it touches both there and this long term uptrend starting from the start of the uptrend. This uptrend is notable because it has also caught the uptrend @ 30k back in the summer, where we saw a reversal up to the 3.618 Fib resistance shortly after.
With the frothy stock market, interest rate hikes, and persistent Omicron fears, Bitcoin isn’t looking too hot itself either and there doesn’t seem to be a major bullish catalyst to push the price upwards at the moment. Again, on the larger time frame this move seems to be still selling off and the ‘bottom’ as I want to call it, could see at $39,696 along that 1.618 Fib level. $47,410 was a local level placed on the 4-hour time frame and isn’t visible on this chart.
As always please do your own research, this does not constitute as financial advice.
BNBUSD Bounce from $505 LevelLooking at the chart of Binance Coin on the 4-hour time frame we can see that it is currently ahead of Bitcoin & Ethereum in terms of market movements, and is sitting above its level of support that the other coins are currently trying to break free from.
Binance Coin also regained this long-term uptrend in the bullish channel, which indicates that the bull market is still well and alive, gearing up for its next pump up.
From here, Binance Coin faces little to no resistance until around the $600 level, where there is a distribution zone between $596 - $638 that we’re going to see a 1st touch rejection off of.
As always please do your own research, I am not a financial advisor.
ETHUSD Reversing at 2.618 Fib LevelLooking at the chart of Ethereum on the 4-hour time frame we can see that Ethereum is fighting to regain the 2.618 Fib level as support, similar to Bitcoin trying to regain the $47,410 level.
This chart has been difficult to read for the past month, but seems to be a clearer picture now with what they're trying to do and that is accumulation. They're stopping out over-leveraged longs and stop losses before the big pump, reversing it unexpectedly when everyones out of the market.
If Ethereum can close over this 2.618 Fib level and regain it as a level of support, its going to break free of $3,927 and reverse back upwards to the $4,339 - $4,388 distribution zone.
As always please do your own research, I am not a financial advisor.
BTCUSD Found Bottom at $47,410Looking at the chart of Bitcoin on the 4-hour time frame we can see that it is currently trying to regain the support level at $47,410, and then find its way back up to $51,000 and above.
The price of Bitcoin has been choppy recently, but steadily found its bottom along the $47,410 level. The scam wick seen on December 3rd marked the bottom of the market and wiped out the stop losses placed around the $43,850 - $44,854 region.
The price is ranging in between $44,854 - $51,689 and is accumulating itself before the next major breakout to the upside. From here, i'm expecting a regain of the $47,410 level and then a push towards regaining $54,028 to close out the valley created last month.
As always please do your own research, I am not a financial advisor.
DOTUSD End of 2021 Price AnalysisLooking at Polkadot (DOT) on the 12-hour time frame, it seems to have bottomed & reversed so i’ve created a valley to help visualize where the price is headed.
Polkadot has been in the news quite heavily recently, with all of the institutional money allocated into it behind BTC, ETH as well as the launch of parachains after some five years in development. Parachains are individual networks running in parallel to create a harmonized, interoperable ecosystem.
The bottom was along the $23.26 Fibonacci level and from there we bounced back up. At the moment, Polkadot has regained the 1.0 Fibonacci level at $30.40 and is now looking like its going to continue this momentum upwards towards $35.15+. As long as DOT can hold above the 1.0 Fibonacci level, I believe this trend / momentum is valid and we’ll eventually see this valley play out.
As always please do your own research, I am not a financial advisor.
ETHUSD End of 2021 Price TargetsLooking at the 4-hour time frame of Ethereum we can see that just like Bitcoin, it is at a crucial point heading into the new year.
Ethereum found its bottom with the scam wick along the $3,431 level and knocked out all of the over-leveraged longs from early entry prices. From this point on, Ethereum along with many altcoins, has been slowly accumulating and creating higher highs and higher lows.
Just last week, Ethereum finally regained the 2.618 Fibonacci level of support at $3,821 and closed out the support area bullish at $3,821 - $3,921. From here, it gained $4,003 as a level of support and is now headed towards flipping $4,161.
If we can see a flip of the $4,161 resistance into support, Ethereum is headed towards the $4,339 - $4,388 May 2021 ATH price targets for just short of a 10% play.
BTCUSD End of 2021 Price TargetsLooking at the 4-hour time frame of Bitcoin we can see that it is at a crucial point moving into the end of the year. At the moment, it is testing the $51,689 support turned resistance level as well as this long-term trend line that has been consistent throughout this bull market thus far.
BItcoin found its bottom with the scam wick along the $43,850 - $44,484 level earlier this month and liquidated all of the over-leveraged longs. Ever since this wick, BTC entered a months long period of accumulation / capitulation preparing itself for the next leg upwards.
If Bitcoin can turn this resistance into support at $51,689, we're going to continue to see upside targets hit and this momentum will continue.
The price targets i'm looking at for January are in the $55,218 - $58,109 area. This is a big resistance area that Bitcoin needs to find support in before moving upwards to $60,000+ targets in late January / February.
As always please do your own research, I am not a financial advisor.
BTCUSD December Price TargetsThis last month of November was quite a ride, peaking at the $68,361 (3.618 Fib) resistance level to dumping and finding a local bottom at $43,850, a combination of euphoria and depression in the markets.
At the moment, Bitcoin doesn’t look bullish, however, that doesn’t make it necessarily bearish either. We are currently what it looks like, in a stage of capitulation just underneath the $51,689 support level as well as this trend line. From here, i’m expecting Bitcoin to dance around these two levels before gaining them as levels of support, and finding $54,028 (2.618 Fib) as the next target.
The dump down we saw a scam wick on December 3rd with orders hitting at $43,850 - $44,854, and another test of $47,410, implying bullish momentum is about to occur in the markets. However, I believe we’ll see a slow accumulation going into the rest of the year and the holiday season, as the markets take the stairs up and the elevator down. It’s going to take a few weeks at least for us to regain our previous ground and look forward to new high targets.
As always please do your own research, I am not a financial advisor.