I believe I've explained everything on this chart, but here's what I think is happening:
BTC is about to drop even more. First supports are ~41k. Then we may fall to sub 40, then 30-28, and the bottom I can't believe may be even below 20k. BTC after every new ATH fell over 80%. That would be ~14k...
You may want to get away now. Just be warned. Death cross is coming.
I can see a little possibility to grow a bit more. We must defend 41k, and then break through many levels, but road to the new ATH ~70-80k would be open. But this is very unlikely ATM IMO.
What is more important now - we've just copied the 2013 scenario.
BTC made the first top in April, dropped, 3x touched EMA 50, and after 230 days made the new ATH. Just like in 2013.
I've marked all the similarities I've noticed, just look.
To understand the situation even more go to the related Idea from 3.12 down below.
We have falling price, falling volume,
H&S pattern and rising wedge - here explained
RSI created a pattern that is also convincing me we're more likely to drop.
What your opinion?
Anyway trade with caution!
BTC is about to drop even more. First supports are ~41k. Then we may fall to sub 40, then 30-28, and the bottom I can't believe may be even below 20k. BTC after every new ATH fell over 80%. That would be ~14k...
You may want to get away now. Just be warned. Death cross is coming.
I can see a little possibility to grow a bit more. We must defend 41k, and then break through many levels, but road to the new ATH ~70-80k would be open. But this is very unlikely ATM IMO.
What is more important now - we've just copied the 2013 scenario.
BTC made the first top in April, dropped, 3x touched EMA 50, and after 230 days made the new ATH. Just like in 2013.
I've marked all the similarities I've noticed, just look.
To understand the situation even more go to the related Idea from 3.12 down below.
We have falling price, falling volume,
H&S pattern and rising wedge - here explained
What your opinion?
Anyway trade with caution!
Comment:
We have a death cross, we have weekly candle closed below MA50, H&S, rising wedge, descending volume... All of these signs are bearish. RSI might be in good place, but when you look at it historically then you realise we may have a one another level down to go. That doesn't look good. Until we have a strong bounce and break ~45k lvl I'm bearish.
When the price will cross this bold blue line I'm yelling timber.
Sorry guys.
When the price will cross this bold blue line I'm yelling timber.
Sorry guys.
Comment:
This should be clear now.
Market has decided for now:
Market has decided for now:
Comment:
And you can see how are things going - just as I predicted we're falling down, but now we're entering the green box marked as our goal price. You can start DCAing but slowly, as BTC will be recovering IMHO through the next 12-18months and this may be just the beginning.
Watch RSI on this chart and Fibo channel. I'm expecting price to touch the boundary of Fibo channel as it dit before during every cycle. That would be the bottom
Watch RSI on this chart and Fibo channel. I'm expecting price to touch the boundary of Fibo channel as it dit before during every cycle. That would be the bottom
Comment:
A little update.
I still believe we're going to the last stop before the new launching. Thumbs up!
I still believe we're going to the last stop before the new launching. Thumbs up!
If BTC can bounce of the blue trendline (~41k) then we can think of some bullish scenarios.
Next hours/days will show.
IMO still 60:40 we're falling down