ThousandDollarBitcoin

ThousandDollarBitcoin Updated 

In an alternate reality: I'm a billionaire. I'm watching a very public asset called CoinBit linger below 100K - a very unusual and exciting situation. So I sell! I DO NOT let it break above 100K, and I sell so much that it pushes price all the way down to break into a liquidity pool below the previous trading range. Then I buy-buy-buy all the way up to squeeze...

ThousandDollarBitcoin

The recent breakout from the ascending wedge (a bearish pattern) may have been an extension of the previous 5 waves, rather than the start of a new set. This would be a "non-failure" swing because it didn't fail to break above the (5) wave. My lower targets are based on the general rule that support is found at the (4), but in a low liquidity markets we can...

ThousandDollarBitcoin

Since seeing the bullish rejection on 11-Oct, I have been expecting price to break down on this level to access this liquidity pool (orange magnet). Despite this bearish outlook, price has continued to squeeze shorts. Once the weak handed shorts are squeezed out, I think that uptrend will end, allowing price to fall down to breach into the liquidity pool at the...

ThousandDollarBitcoin

Price has lingered at this level without a correction to establish support. I think we will fall straight back to 60K, before breaking through and bouncing back. The narrative goes like this: 1. Low liquidity market trending sideways at a big even 2. Price breaks to lower low, providing whales with the liquidity they need to buy in 3. Whales buying below the LL...

ThousandDollarBitcoin

I was surprised by the recent bull run, but I still think that there is a profitable liquidity target below the recent bullish rejection at $58,500. I think price will be drawn back to that level and range above it for a while.

ThousandDollarBitcoin

The recent bullish rejection has left a lot of liquidity pooled below the lower low. I think price will slowly drawn back to this level, with low volatility as we bounce on the demand zones on the way down. I think we will be bullish after a thorough retest.

ThousandDollarBitcoin

Now that we've broken below $60,000, I think we could see high volatility ranging above this level. The targets and stops of this trade plan are based on the liquidity levels indicated by the orange circles. The Gray lines are a fib fan, yellow lines are a fib channel

ThousandDollarBitcoin

I think we could see a megaphone formation around $60,000, which could create a spring to launch price back to $65,000. Gray lines = fib fans yellow lines = fib channel orange magnet = liquidity targets Green/red lines = buy/sell level Green/red highlights = buy/sell zone

ThousandDollarBitcoin

I think we could see price interact with the fib fans (gray lines) and fib channels (yellow lines) similar to the previous price action (yellow fractal). The red and green highlighted areas are potential buy/sell opportunities.

ThousandDollarBitcoin

I'm expecting price to slowly squeeze up through the recent short term high, before a dropping to retest and bounce on 60K, which could lead to a brief break above 66K, before starting a slow downtrend to retest the low at 53K. This is based on the timing and extend of the yellow fractal, the gray fib fans and the yellow fib channel, while also considering the...

ThousandDollarBitcoin

I'm expecting price to test the mid term down trend shown here: I think we could see multiple small bounces before a larger bounce.on the trend line.

ThousandDollarBitcoin

I think we could be aligning with the blue fractal. This suggests that we're about to break down on $60,000, which would make sense after testing the level 3 times resulting in only a weak bounce. We could then form a "spindle" below $60,000, repeatedly breaking up on the big even while forming lower lows and lower highs, eventually returning to the 50% level of...

ThousandDollarBitcoin

Recent price action has been bullish, but we are also "magnetized" to the psychologically significant big even of $60,000. This could result in a high volatility uptrend to break above $65,000 before breaking below $60,000

ThousandDollarBitcoin

Now that we've touched $60,000 I expect price to linger at this level with enough volatility to shake out longs and shorts accumulated at this level by repeatedly breaking the highs and lows, but without getting too far away from $60,000

ThousandDollarBitcoin

I think we will bounce once more on $60,000 to form a bear flag, before dropping to break support levels at $55,555 and $50,000. I'm using a fractal of similar bearish activity, but the last break through $50,000 is likely to take a little longer than the fractal suggests.

ThousandDollarBitcoin

Price has bounced on $60,000, so I think we will oscillate here to form a bear flag, before dropping lower to reach the next demand zone. The bounce from $54,000 should provide a great trade opportunity as it returns to the big even at $60,000, before dropping back down for a retest of $54,000.

ThousandDollarBitcoin

Now that price has returned to the previous range, I expect the limits to be broken down, then up, without breaching the support/resistance zone on the other side. We might then be ready to drop to find support at the next demand zone, providing a bounce to return to the current level, which appears to be an equilibrium point for now.

ThousandDollarBitcoin

This is a minor update to my previous forecast. I'm modeling the arrow path from the blue fractal, which shows a period of high volatility followed by a short squeeze. The fractal is placed with the x axis aligned with the recent drop, and the y axis aligned with a break of 67K after the period of volatility. This indicates that we will return to the mean first,...