Chart Overview - Binance, BTC/USDT, 1D
ANALYSIS - 4 Key price levels are established using the fib ext. from the ATH to the low of the large subsequent price dump to the next high before we dropped once more to low 40k's. The prices are as follows:
0 - 52k
0.236 - 45.7k
0.382 - 41.7k
0.618 - 35.4k
Conclussion: For a bullish reversal the most ideal situation would be for bitcoin to pump above 45.7k today, I would give this a subjective 10% probability. I would also give a near term dump to 35.4k a 10% possibility. Most likely, IMO, we will see a close around 42 to 43k today, after that we will have to monitor the prices closely.
Personally I am bullish because of previous price behaviour and believe we are very close to the bottom of this dump which I believe to be 40.7k if we continue further on the bearish trend.
What do you guys think, have we seen the worst or is this just the beginning of a more prolonged bear market or is a bullish reversal imminent?
Thanks for reading.
Casey
DISCLAIMER: NOT PROFESSIONAL ADVICE
ANALYSIS - 4 Key price levels are established using the fib ext. from the ATH to the low of the large subsequent price dump to the next high before we dropped once more to low 40k's. The prices are as follows:
0 - 52k
0.236 - 45.7k
0.382 - 41.7k
0.618 - 35.4k
Conclussion: For a bullish reversal the most ideal situation would be for bitcoin to pump above 45.7k today, I would give this a subjective 10% probability. I would also give a near term dump to 35.4k a 10% possibility. Most likely, IMO, we will see a close around 42 to 43k today, after that we will have to monitor the prices closely.
Personally I am bullish because of previous price behaviour and believe we are very close to the bottom of this dump which I believe to be 40.7k if we continue further on the bearish trend.
What do you guys think, have we seen the worst or is this just the beginning of a more prolonged bear market or is a bullish reversal imminent?
Thanks for reading.
Casey
DISCLAIMER: NOT PROFESSIONAL ADVICE
Comment:
Seems the 0.236 (45.7k) denotes fairly strong resistance. More bullish price action would propel bitcoin reasonably unperturbed to 52k. I can envision this happening by the end of next week but timeframes are difficult to accurately predict.