This is my final analysis for this bear market. BTCUSDLONGS dropped as stated in the previous analysis, now expect a spike of BTCUSDSHORTS. The bearish divergence on RSI is confirmed. One last rally to around $4200 might occur; either way, we are going down one last time. This is it. As always, do not wait for the perfect bottom and start accumulating NOW.
BTCUSDLONGS are brake-point high. Expect a Bart move play out. 90% of the people at TradingView are in contradiction to this. In addition, a bearish divergence is building up on the Bitcoin chart.
Combining the Fibonacci Retracements and the lines drawn, we can see the same occurances over time. The price retains above the 0.236 level before it slips further down. The red circles signify the pullbacks Bitcoin tried, but failed to make each time. The Fibonacci levels perfectly align with 2019's bottom. As always, don't wait for the perfect bottom and start...
The bottom is on the horizon, but not quite there. I suggest keeping an open-mind to the possibility that $3000 won't break. Though the downtrend will most likely continue down to $2300, start accumulating now. On a larger timescale, a $1000 difference IS and WILL BE a mere cockroach step.
The correction is 6x slower than in 2011. Following the same pattern, there will be a sharp bounce up before heading further down the rabbit hole.
Shorts are reaching ATHs. Watch out for the circled locations.
Do not trust TradingView ideas. Take the matter into your own hands.
Bitcoin cycles repeat. Bear markets are getting longer. Zoom out back to 2011 and spot the similarities. People tend to forget the far past.
There will be one last sharp bounce before heading further down.
At the current pace, we will reach the bottom about 420 days from today. It could also come anywhere ere to January 2020 if Bitcoin reaches sub $2k levels...
