Another week in the triangle. The path to a $1,000 Bitcoin could come to pass by tbe end of the year. In this descending triangle in weekly candles, the bottom sits around 7.5k, the current top around 9.5k - 9.7k.
If the pattern persists to the end, that puts the breakdown right around the end of the year. It could break down violently or could take a while.
The MACD is still spread out a good bit, still bearish. Volume is in the red and pretty low. This week ends at what looks like a bearish spinning top candle. If the triangle breaks to the downside as much as the largest spread in the high end of the triangle, price could drop to about 1k. The daily MACD recently broke to the downside. Volume is green but very weak.
With the halving right around the corner, if this does break down, I wouldn’t expect it to stay down for too long, but it could. It could take longer periods of time after each halving before it starts its rise back to new ATH’s. If this bear stays around, it could be around for a good part, or majority of, 2020. Not good news for most, but a great prolonged buying opportunity if it works out that way.
I only started dipping my toe in the bitcoin pool towards the end of 2017. The beginning of my journey taught me how fast things happen in this space. The last 2 years has taught me how slow things happen in this space. I cannot imagine btc going all the way down to 1k, and at the same time I can. I still don’t feel like we ever saw blood in the streets. I still have Tyler Jenks 1k Hyperwave in the back of my mind.
Thanks for listening to my amateur rant. I will be cautious here and keep an eye out for a break to the upside of the trendline. As bearish as I have felt for some time, I am always bullish long term. As I learned when I started, when things start heading up, they can climb so fast your head will spin.
satoshmike
I’m not a professional and this is not, in any way, financial advice.
Twitter @satoshmike
If the pattern persists to the end, that puts the breakdown right around the end of the year. It could break down violently or could take a while.
The MACD is still spread out a good bit, still bearish. Volume is in the red and pretty low. This week ends at what looks like a bearish spinning top candle. If the triangle breaks to the downside as much as the largest spread in the high end of the triangle, price could drop to about 1k. The daily MACD recently broke to the downside. Volume is green but very weak.
With the halving right around the corner, if this does break down, I wouldn’t expect it to stay down for too long, but it could. It could take longer periods of time after each halving before it starts its rise back to new ATH’s. If this bear stays around, it could be around for a good part, or majority of, 2020. Not good news for most, but a great prolonged buying opportunity if it works out that way.
I only started dipping my toe in the bitcoin pool towards the end of 2017. The beginning of my journey taught me how fast things happen in this space. The last 2 years has taught me how slow things happen in this space. I cannot imagine btc going all the way down to 1k, and at the same time I can. I still don’t feel like we ever saw blood in the streets. I still have Tyler Jenks 1k Hyperwave in the back of my mind.
Thanks for listening to my amateur rant. I will be cautious here and keep an eye out for a break to the upside of the trendline. As bearish as I have felt for some time, I am always bullish long term. As I learned when I started, when things start heading up, they can climb so fast your head will spin.
satoshmike
I’m not a professional and this is not, in any way, financial advice.
Twitter @satoshmike