Bitcoin looks like it will bottom around $1900 in September 2020
I am starting to see several things pointing towards a bottom around September 2020 around $1900.
1: Weekly falling wedge that should conclude around September
2: 1.61 extension from 2019 Top (June) to 2019 Bottom (Dec) points to $1907
3: Horizontal support from July 2017 at $1900
4: I have the S&P charted to bottom right around the same time frame as well.
Trading underneath the weekly 100 SMA (Simple Moving Average) is also looking very bearish as well.
I will be watching for Bitcoin to break out of this falling wedge pattern. If it does break out to the upside then we will likely rise for a few weeks and then back test the trend line from top side. I would not consider a break out to be off to the races quite yet. Especially since I am also charting the S&P 500 to be bottoming around the same time frame.
I will be watching for a long term entry position for accumulating Bitcoin around $1900, and judging from this chart, I believe that will be near September of 2020.
1: Weekly falling wedge that should conclude around September
2: 1.61 extension from 2019 Top (June) to 2019 Bottom (Dec) points to $1907
3: Horizontal support from July 2017 at $1900
4: I have the S&P charted to bottom right around the same time frame as well.
Trading underneath the weekly 100 SMA (Simple Moving Average) is also looking very bearish as well.
I will be watching for Bitcoin to break out of this falling wedge pattern. If it does break out to the upside then we will likely rise for a few weeks and then back test the trend line from top side. I would not consider a break out to be off to the races quite yet. Especially since I am also charting the S&P 500 to be bottoming around the same time frame.
I will be watching for a long term entry position for accumulating Bitcoin around $1900, and judging from this chart, I believe that will be near September of 2020.
Comment:
The comments have helped me realize that I my chart may be misleading as to what I think is going to play out. As an update, this is a little closer to how I think this will go.
