Bitcoin, if you still remember my yesterday's post about bitcoin, this is once again coming through and yesterday's candle has the alignment with our yesterday's analysis. The price is coming very close with the golden pocket zone around the $7000 region. And I really think the dead cat bounce will occur at this area when the price reach the current support level. But, the REAL key support will be around the 78.6 fib retracement levels which is becoming the last fibonacci levels of confluence.
Looking at the 78.6 fib level, which is becoming the key support, we must see and extend the price action that occur at this rate of support. we have known that the price is having confluence with the previous key and critical bounce in the market.
It has the confluence with the broken resistance on October 2017 and with the broken support at November 2018. Just like what we know, the first resistance is the first time the price start the up trend rally on 2017 and the second confluence, is the first time the levels confirm the down trend back at 2018.
Is that a coincidence? There is no way such as coincidence in the market. If we see this from the psychological factor, Current period will be a good period for bitcoin to show the world and the stakeholders that bitcoin is worth to be aligned with another safe haven instrument. Beside, the adoption that happen recently, this will be a good consolidation phase for bitcoin. I don't see current potential down trend as the "real" down trend, I see it more like a good consolidation during the huge up trend upcoming.
I don't care if the price may touch the $6000, $5000 or even $2000. As long as it has the adoption of the blockchain, I will keep doing the dollar cost averaging. Because Blockchain will become the future of all financial aspects in this world.
Looking at the 78.6 fib level, which is becoming the key support, we must see and extend the price action that occur at this rate of support. we have known that the price is having confluence with the previous key and critical bounce in the market.
It has the confluence with the broken resistance on October 2017 and with the broken support at November 2018. Just like what we know, the first resistance is the first time the price start the up trend rally on 2017 and the second confluence, is the first time the levels confirm the down trend back at 2018.
Is that a coincidence? There is no way such as coincidence in the market. If we see this from the psychological factor, Current period will be a good period for bitcoin to show the world and the stakeholders that bitcoin is worth to be aligned with another safe haven instrument. Beside, the adoption that happen recently, this will be a good consolidation phase for bitcoin. I don't see current potential down trend as the "real" down trend, I see it more like a good consolidation during the huge up trend upcoming.
I don't care if the price may touch the $6000, $5000 or even $2000. As long as it has the adoption of the blockchain, I will keep doing the dollar cost averaging. Because Blockchain will become the future of all financial aspects in this world.
