Bitcoins Journey and why 24k is possible using Fibonacci levels
Hello Everyone and welcome to another Mystic chart! Today we will be taking a look at bitcoins journey during the bear market of 2018 up until now to determine where we are headed and where the possible "local top" might lie.
At the end of 2017 bitcoin posted a parabolic rise climaxing towards the end 2017 to post an all time high of around ~20k from here it was clear that a parabola had been created and that Bitcoin would need to "come back down to earth" in order to start its next bull market cycle which we are just now starting today.
In the beginning of Q1 2018 Bitcoin fell quickly to find support at the 6k region and went on to print a "Descending Triangle" Technical Formation this pattern is generally bearish and Bitcoin confirmed this pattern later on in late November / early December by falling to the 3k price region and thus entering an "Accumulation Zone" a zone where veteran investors look to a purchase opportunity, This drop also brought bitcoin back to it long term price trendline that it has followed during most of its years as an asset shown in the chart.
In Q2 of 2019 Bitcoin showcased a surprising amount of strength by not only breaking out of the accumulation zone but also managing to push up to the 12k region, which would prove to be to tough of a resistance to break on its first attempt, it would later visit this level 3 additional times before finally decoupling from its long term trend line printing a massive "Inverse Head and Shoulders" (Typically very bullish technical pattern) and leading us to the bull market we are in today.
Using our trendline angle tools and Fibonacci tools I see two likely scenarios.
Scenario 1: Bitcoin continues its parabolic fueled rise that started near the end of October into November and touches 20k where the resistance there proves to be to much and gets pushed down watch the fib levels on the way down to determine support.
Scenario 2: Bitcoin goes vertical soon and blows past ATH to continue towards the 24k level as displayed in this chart in a "Blow-off top" Pattern, before inevitably correcting heavily to a much more reasonable level.
the trend is your friend watch the current trend line to ensure it is still intact to guage your best desicions.
-This is not financial advice and for educational purposes only
The Prophecy is hard to foresee in bitcoin today, pay attention to the trendline for more answers.
Your Friend,
-Mystic
At the end of 2017 bitcoin posted a parabolic rise climaxing towards the end 2017 to post an all time high of around ~20k from here it was clear that a parabola had been created and that Bitcoin would need to "come back down to earth" in order to start its next bull market cycle which we are just now starting today.
In the beginning of Q1 2018 Bitcoin fell quickly to find support at the 6k region and went on to print a "Descending Triangle" Technical Formation this pattern is generally bearish and Bitcoin confirmed this pattern later on in late November / early December by falling to the 3k price region and thus entering an "Accumulation Zone" a zone where veteran investors look to a purchase opportunity, This drop also brought bitcoin back to it long term price trendline that it has followed during most of its years as an asset shown in the chart.
In Q2 of 2019 Bitcoin showcased a surprising amount of strength by not only breaking out of the accumulation zone but also managing to push up to the 12k region, which would prove to be to tough of a resistance to break on its first attempt, it would later visit this level 3 additional times before finally decoupling from its long term trend line printing a massive "Inverse Head and Shoulders" (Typically very bullish technical pattern) and leading us to the bull market we are in today.
Using our trendline angle tools and Fibonacci tools I see two likely scenarios.
Scenario 1: Bitcoin continues its parabolic fueled rise that started near the end of October into November and touches 20k where the resistance there proves to be to much and gets pushed down watch the fib levels on the way down to determine support.
Scenario 2: Bitcoin goes vertical soon and blows past ATH to continue towards the 24k level as displayed in this chart in a "Blow-off top" Pattern, before inevitably correcting heavily to a much more reasonable level.
the trend is your friend watch the current trend line to ensure it is still intact to guage your best desicions.
-This is not financial advice and for educational purposes only
The Prophecy is hard to foresee in bitcoin today, pay attention to the trendline for more answers.
Your Friend,
-Mystic
Comment:
Update 1: This is do or die for bitcoin. To keep the parabola alive 18,500 needs to be defended for the bulls, fingers crossed friends.
Comment:
Beautiful bounce of the trendline was beginning to worry for a moment. Game on for now it seems.
Comment:
Parabolic trendline has been broken and now looking at a healthy retrace before the next run. I will post my new idea when I can thank you all.