BTC: $10K IS THE BOTTOM BY THE YEAR END! HERE'S WHY....
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Welcome to this exclusive BTC update. Read the complete analysis carefully. I'll try to explain everything in very short and simple way. Before get to the analysis, I'll tell you this analysis is based on 2018 bear market fractal. I'll add the 2018 chart below so check that chart too for clear understanding.
Now, let's get to the chart.
Currently, BTC is trading around $18.7k level. According to this chart, BTC is forming a big falling wedge like structure in 2days time frame. The same falling wedge kind of structure was formed in 2018.
As of now BTC has a very strong support at $18.5k level and holding that level pretty well so far.
If we look closely both 2018 and 2022 bear market structure we found really similar things. In 2018 BTC breaks below it's important support level ($6k) and starts dumping in mid of November and dumped almost 50% so I'm expecting the same thing this time also.
What I'm expecting this time:-
1) A bullish rally up to $22k-$23k in the month of October.
2) BTC breaks below it's important support ($18k) in mid November.
3) BTC made it's bottom at around $10k-$12k by the end of year.
4) After this bottom, BTC starts recovering slowly and a new bull run will begin.
Invalidation level:- I have a very clear invalidation if this chart is not played out. If BTC 2D candle close above $23k level then this chart becomes invalidated.
Hope I'll clear all your doubts and this chart will help you to understand the current market situation very well. If you have any doubts then feel free to ask in the comment section.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this exclusive BTC update. Read the complete analysis carefully. I'll try to explain everything in very short and simple way. Before get to the analysis, I'll tell you this analysis is based on 2018 bear market fractal. I'll add the 2018 chart below so check that chart too for clear understanding.
Now, let's get to the chart.
Currently, BTC is trading around $18.7k level. According to this chart, BTC is forming a big falling wedge like structure in 2days time frame. The same falling wedge kind of structure was formed in 2018.
As of now BTC has a very strong support at $18.5k level and holding that level pretty well so far.
If we look closely both 2018 and 2022 bear market structure we found really similar things. In 2018 BTC breaks below it's important support level ($6k) and starts dumping in mid of November and dumped almost 50% so I'm expecting the same thing this time also.
What I'm expecting this time:-
1) A bullish rally up to $22k-$23k in the month of October.
2) BTC breaks below it's important support ($18k) in mid November.
3) BTC made it's bottom at around $10k-$12k by the end of year.
4) After this bottom, BTC starts recovering slowly and a new bull run will begin.
Invalidation level:- I have a very clear invalidation if this chart is not played out. If BTC 2D candle close above $23k level then this chart becomes invalidated.
Hope I'll clear all your doubts and this chart will help you to understand the current market situation very well. If you have any doubts then feel free to ask in the comment section.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Related Ideas
Here's a 2018 bear market chart quite similar to the current bear market structure.