EDUCATIONAL ONLY ( NOT A FINANCIAL ADVICE )
So the first bottom picking went pretty well, we are already 400$ above the expected bottom, but TA is not just about calling targets, it's a continuous evolution during time. This means, the expected bottom of around 6900 is not going to hold ( even if we are already above it, I expect further fall, because the bounce wasn't strong enough). First of all on the daily chart we have a channel, bearish type, rising with low volume which is probably going to collapse pretty soon. There is a lot of indecision in the markets. BTC already failed at around 7850, now it's going down with low volume to the 7k range. Whenever an asset approaches a support multiple times, it drains the buyer, till there are more sellers than buyers, and we know what that means, a collapse in the price.
From a technical point of view the MACD is about to paint red on the monthly chart, this is a huge negative, although I believe it's going to be just for a few months given the inclination of the macd curves. So what kind of bottom are we going to have? I'd expect a flash crash, something like a touch of 0.786 FIB from 3k to 14k ( basically the last bull run which started the previous year ) and then a fast reversal towards the upside. Probably some kind of a hammer candle. Let's wait and see.
This post is for educational purpose only and highly speculative. Nobody truly knows where any asset is going, we can only speculate about the chances of going somewhere.
So the first bottom picking went pretty well, we are already 400$ above the expected bottom, but TA is not just about calling targets, it's a continuous evolution during time. This means, the expected bottom of around 6900 is not going to hold ( even if we are already above it, I expect further fall, because the bounce wasn't strong enough). First of all on the daily chart we have a channel, bearish type, rising with low volume which is probably going to collapse pretty soon. There is a lot of indecision in the markets. BTC already failed at around 7850, now it's going down with low volume to the 7k range. Whenever an asset approaches a support multiple times, it drains the buyer, till there are more sellers than buyers, and we know what that means, a collapse in the price.
From a technical point of view the MACD is about to paint red on the monthly chart, this is a huge negative, although I believe it's going to be just for a few months given the inclination of the macd curves. So what kind of bottom are we going to have? I'd expect a flash crash, something like a touch of 0.786 FIB from 3k to 14k ( basically the last bull run which started the previous year ) and then a fast reversal towards the upside. Probably some kind of a hammer candle. Let's wait and see.
This post is for educational purpose only and highly speculative. Nobody truly knows where any asset is going, we can only speculate about the chances of going somewhere.