Take a step back
Trade active:
Analysis based on last bear market wyckoff structure and up coming events.
- Price needs to get back to orange box in 1-2 wks, it took 6-7 days in the last cycle (or heading $3k and invalidate this completely)
- Stay in accumulation range for 2-3 months with key events like Bakkt launch, VanEck ETF and MtGox distribution (4800-6000)
- Breakout in 3-6 months is conservative estimate.
- Price needs to get back to orange box in 1-2 wks, it took 6-7 days in the last cycle (or heading $3k and invalidate this completely)
- Stay in accumulation range for 2-3 months with key events like Bakkt launch, VanEck ETF and MtGox distribution (4800-6000)
- Breakout in 3-6 months is conservative estimate.
Comment:
Note: It would requires some black swan even like MtGox distribution sell or Bitfinex take down to send it below $3K