A BIG ol' Bitcoin BTC TA for the coming new year!!
I want to try to explain this TA a bit more simply this week in hopes that it makes new and pro TA readers understand what I am trying to show. Let's get started:
Bitcoin started its current downtrend bear tunnel on Nov 9th. We have fallen week after week ever since. I do not see this changing unless a big positive event happens, or we encounter the major macro uptrend line.. (which i think we will)
On Dec 3rd BTC had about a 10-15% fall. What really got hurt was the rest of the market, everything took a plunge. If you arent aware BITCOIN is the master of crypto. Don't believe me? Go look at ANY COIN on Dec 3rd and take a look at how much it impacted your fav coin. BTC goes up, your coin has a good chance of going up. BTC goes down, your fav coin also now has a chance of going down. This is why watching BTC with your coin and scalping is SO IMPORTANT. There are pros and cons to how the market functions with something so powerful that affects the rest of the market but that is simply how crypto works and you should take that into consideration always.
Now lets talk about more current times. We have been on a simple consolidation run now since Dec 3rd. On dec 6th we did have a nice 3.5% pump. But we lost all that in the past week. Furthering consolidation. Our current major resistance area right now appears to be around 53,000. I am getting that figure from an old high point that was on Sep 7. Our new support appears to be on a new secondary uptrend that has formed. (we broke the old secondary uptrend further increasing the bear tunnels downtrend strength)
Now let's look to my future speculative TA. So I see price staying within our recent secondary trend lines until we hit our bear wall again. Now the visible range in this entire area shows we don't have enough volume at this price to push up from here. We have also only fallen since Nov 9th... So I see no reason for a bull break here. I believe we will then see another bear like fall we had on Dec 3rd. Now we do have a future support area of 40,800. I fully believe this will be BITCOINS BOTTOM AREA (38k-42k). I can't see us breaking our macro uptrend line unless we hear tons of really bad news with sell offs rapid fire (which can happen).
-As a sidenote if that does happen, BTC could go full on bear fall.. Which of course would cause the market to crash. Not impossible!! Just be aware.
Let's continue forward. If my TA is roughly correct we should bounce around the 38k to 45k area until we then get into a huuuuuge squeeze. This could be one of BTCs biggest moments (i calculated this could happen between Jan 1st and Jan 14th) There is such a huge squeeze in this area that with the right conditions we could see explosive pumps (conditions pending of course). I believe that since price will be at such a good 'buying level' that the visible range with show buy volume coming in big at that price section. If it does.. BOOM!!! Possible parabolic movement ending our bear tunnel and finally moving us further on to bull trends..
And there you go, again it's just what the chart is showing me. It wouldn't hurt to be right on this one, since there would be a lot of sales on your fav alts before a huge surge. So I do hope get this one right. Anyway, thanks for reading. If you made it this far I want to reiterate that BITCOIN is the most important coin in Crypto, and wether you like it or not it has an affect on your alt coin and therefore should be monitored by everyone. With that said I hope you all have a great holiday!! And don't forget to HODL!! Cheers everyone
-DiMarco
Bitcoin started its current downtrend bear tunnel on Nov 9th. We have fallen week after week ever since. I do not see this changing unless a big positive event happens, or we encounter the major macro uptrend line.. (which i think we will)
On Dec 3rd BTC had about a 10-15% fall. What really got hurt was the rest of the market, everything took a plunge. If you arent aware BITCOIN is the master of crypto. Don't believe me? Go look at ANY COIN on Dec 3rd and take a look at how much it impacted your fav coin. BTC goes up, your coin has a good chance of going up. BTC goes down, your fav coin also now has a chance of going down. This is why watching BTC with your coin and scalping is SO IMPORTANT. There are pros and cons to how the market functions with something so powerful that affects the rest of the market but that is simply how crypto works and you should take that into consideration always.
Now lets talk about more current times. We have been on a simple consolidation run now since Dec 3rd. On dec 6th we did have a nice 3.5% pump. But we lost all that in the past week. Furthering consolidation. Our current major resistance area right now appears to be around 53,000. I am getting that figure from an old high point that was on Sep 7. Our new support appears to be on a new secondary uptrend that has formed. (we broke the old secondary uptrend further increasing the bear tunnels downtrend strength)
Now let's look to my future speculative TA. So I see price staying within our recent secondary trend lines until we hit our bear wall again. Now the visible range in this entire area shows we don't have enough volume at this price to push up from here. We have also only fallen since Nov 9th... So I see no reason for a bull break here. I believe we will then see another bear like fall we had on Dec 3rd. Now we do have a future support area of 40,800. I fully believe this will be BITCOINS BOTTOM AREA (38k-42k). I can't see us breaking our macro uptrend line unless we hear tons of really bad news with sell offs rapid fire (which can happen).
-As a sidenote if that does happen, BTC could go full on bear fall.. Which of course would cause the market to crash. Not impossible!! Just be aware.
Let's continue forward. If my TA is roughly correct we should bounce around the 38k to 45k area until we then get into a huuuuuge squeeze. This could be one of BTCs biggest moments (i calculated this could happen between Jan 1st and Jan 14th) There is such a huge squeeze in this area that with the right conditions we could see explosive pumps (conditions pending of course). I believe that since price will be at such a good 'buying level' that the visible range with show buy volume coming in big at that price section. If it does.. BOOM!!! Possible parabolic movement ending our bear tunnel and finally moving us further on to bull trends..
And there you go, again it's just what the chart is showing me. It wouldn't hurt to be right on this one, since there would be a lot of sales on your fav alts before a huge surge. So I do hope get this one right. Anyway, thanks for reading. If you made it this far I want to reiterate that BITCOIN is the most important coin in Crypto, and wether you like it or not it has an affect on your alt coin and therefore should be monitored by everyone. With that said I hope you all have a great holiday!! And don't forget to HODL!! Cheers everyone
-DiMarco
Comment:
A small update on this TA.. we are headed directly toward the bear tunnels wall as was presented in this TA earlier. In the comin days/weeks I hope to see a big bear drop. After that a huge pump against the 40k macro trend-line area. That's the TA speculation at least. So far: On Target.
Comment:
It's very interesting to see what BTC has been up too the past week or two. BTC broke its long Nov 9th bear tunnel, but it's now stuck in a another consolidation tunnel. Now my TA specifically is off target. But that doesnt mean the TA is wrong. This was a post to show a possible sale on crypto before a major pump. We didnt break 52k. That tells me we could still see a fall back down to 40k in which there would be sale prices all over. This see what happens inside this current consolidation tunnel and go from there. I figured we have up to Jan 14th to see if BTC price will fight against its uptrend line.
Comment:
A major fall down to 44,500 just happened. Will I still get my TA right before the 14th? Let's watch and see!
Comment:
THIS TA JUST OFFICIALLY HIT