BTCUSD Weekly Analysis @ 24 June '18 | 2018-2022Idea becomes valid once weekly closes below ~$5845 with a confirmation on the monthly. Ath will not be breached this year, I cannot see it. Probably also not for coming years, because after bear market comes accumulation, before a very slow bullrun.
Bitcoin is going to rush for the next bottom it seems. Sharp selloffs, very weaks pullbacks and faster than I've expected (which doesn't forebode well - because I can foresee many new crypto traders think 5k will probably be the bottom for ever, then does good dead bounce before dumping harder), hence the need for a new chart, despite the older one was on track going to target, but I've changed my mind that the real bottom is not 4.8k, not 3.3k, but most likely close to or lower than 2k, because the chart is showing that, the structure has changed.
If close above, than there is still possibility for 13k once break 7.6k, then 8.3k, then 10k,
Else there can be a bounce at ~5k to around 7.6k or even up to 12k (this probably is last sell opportunity and exit before market collapse) + expectation 1.6k to 2k. Ideal place to buy and add to inventory probably at 1.3k, if it's in accumulation zone (tight/flat price action). Possibility for 3 digits exists.
I think the big sell off has not started yet, because the triangle is still intact. We didn't made a newer low and did not reached market failure at $5925 on exchanges other than bitfinex and bitmex. I see more people use bitstamp chart instead of bitfinex and bitstamp retained the higher low. If that is breached, I expect a lot of stop losses being triggered, longs from months ago up till now being liquidated and a sharp fall followed by a pump, then more dump for many months to come. Companies will sell their inventory and bagholders will panic sell, it will bleed for another year until it finds a bottom.
Again, this idea is not valid and activated if the triangle holds, important to remember.
Just follow the lines and trend.
Please do not comment about fundamentals, I'm well aware of it probably before you even heard about bitcoin. The speculation about big money is already factored in the price and since bureaucrats are slow and many exchanges have problems of their own, I don't expect anything big coming in for coming years to break all time high.
