Hey peeps!
After some study of the chart in bigger time frames I discovered something. A repetetive pattern. And it is quiet interesting!
I came to the conclusion and I am very confident that the bull trend is going to end at around USD 6500, from there the trend will reverse! For sure you are asking yourself right now why this weirdo is pointing to this number? Why not 5800/6100/6800 or any other number?
Looking at the chart from the beginning of time, after a MAJOR crash, bitcoin always reverses to the last top or second last lower top.
In this case last top was exactly at 6541 (coinbase price). There is no any other lower top. Bitcoin will not stop untill that price point. 6500 is the target. From that point it will reverse. But be aware that I believe we are still, bigger time frame, in a DOWNTREND and not in a UPTREND. Bitcoin is now in a corrective wave to the upside.
Examples to prove my point are the major crashes in february, May 2018 and april 2014.
Two scenarios are possible:
Scenario A: bitcoin goes from here straight up and in very short time to 6500
Scenario B: bitcoin is going to pull back first before it reaches 6500
I believe more in scenario B because of couple of reasons. Resistance zone 5770 - 6100 is huge. RSI and all other indicators are showing overbought conditions.
Market psychology will play a role in the trend reversal. At 6500 almost everybody is going to believe that we are in a bull trend and unstoppable. Greed index will be very high, news will be ultra optimistic, shorts liquidated, huge resistance zone overwon. At that moment the big sellers will step in.
Hope you enjoyed the reading. Please hit the like bottom!
Cheers
After some study of the chart in bigger time frames I discovered something. A repetetive pattern. And it is quiet interesting!
I came to the conclusion and I am very confident that the bull trend is going to end at around USD 6500, from there the trend will reverse! For sure you are asking yourself right now why this weirdo is pointing to this number? Why not 5800/6100/6800 or any other number?
Looking at the chart from the beginning of time, after a MAJOR crash, bitcoin always reverses to the last top or second last lower top.
In this case last top was exactly at 6541 (coinbase price). There is no any other lower top. Bitcoin will not stop untill that price point. 6500 is the target. From that point it will reverse. But be aware that I believe we are still, bigger time frame, in a DOWNTREND and not in a UPTREND. Bitcoin is now in a corrective wave to the upside.
Examples to prove my point are the major crashes in february, May 2018 and april 2014.
Two scenarios are possible:
Scenario A: bitcoin goes from here straight up and in very short time to 6500
Scenario B: bitcoin is going to pull back first before it reaches 6500
I believe more in scenario B because of couple of reasons. Resistance zone 5770 - 6100 is huge. RSI and all other indicators are showing overbought conditions.
Market psychology will play a role in the trend reversal. At 6500 almost everybody is going to believe that we are in a bull trend and unstoppable. Greed index will be very high, news will be ultra optimistic, shorts liquidated, huge resistance zone overwon. At that moment the big sellers will step in.
Hope you enjoyed the reading. Please hit the like bottom!
Cheers