As we start this new week, with fresh wave of sell offs, we are starting to realise that $3000 may not be the bottom for BTC. 3 Targets are stated in this chart, Red, Yellow and Pink. I do believe that Red and Yellow will be meet with ease, While the Pink target could be a lot harder to catch.
On logscale the price came back down to the schiff pitchfork support with possible morning star doji price action as shown. There're also many oversold signal on weekly and daily timeframe.
As we see, support of $4400 is hanging on for now, as the MA's cross, $3800 will be the next zone we hit. Tested this zone 4 times already in a space of days, we could see small spikes, but $3800 will come.
With the ill timed and expensive #hashwars happening and two $btc billionaire selling their Bitcoin and Bitcoin cash to fund it one can clearly see this isn't a normal market correction. So where do we see this bottom?
The strong support we have gained over the year between 5800 and 6200 has broken, as has the 5000 to 4800 support levels.
We have strong support...
If tomorrow we see the bitcoin price increase and hit the green box, this could be confirmation of a bullish fakey pattern with a target of 6910 which would be very nice for the bulls and any HODLers! If the price dips lower than today's low though that would be an indication that this pattern is not valid and we need to keep looking.
As the weekly frame looks extremely bearish, Major supports at $4900 Region and $3900 Region also. 200MA stands around $3100 which could also make a retest then we should see a huge bounce of this and we can finally start our Bull Run.
BTC is heading towards $5500, 2018 has seen BTC lose a lot of value and as we start to see the Bottom close, one more downside push could see us then move on to new highs. 50 & 20MA pushing price lower and volume has dropped in the last few days. As we head into the end of 2018, we will surely see BTC drop further to more zones where accumulation is inevitable.
Currently working on a project so not around for a lot.. Bitcoin is looking good now, it looks as if we retraced and accumulated enough for another pump. My comment on the abnormal pump Bitcoin did lately would be that when Bitcoin started rising last year most of its waves were this abnormal too, so this may be the way Bitcoin goes up when we are in a...
Looking at the shape of the flags that we are seeing recently on the bitcoin chart seems to suggest a bull move which is overdue as we already had one of the bullish flag formations, then a repeat of the pattern, the move should come within the next couple of days maximum, so look out for confirmation.
From the very start of history, bitcoin has be written off, this chart sums up the history behind the most valuable cryptocurrency.This charts states that bitcoin could reach its ATH in December 2019 and reach $600,000 in 2021. Between 2014 and 2016 it took 1141 to reach its ATH, but once it did it exploded to new ATH.
Hope you all like this chart.
As you can see from the daily chart, Bitcoin has reached a turning point. Solid long-term support from below and at the end of a wedge formation. Any day now Bitcoin will have to make a decision and I expect it to be the start of the next bull run for Bitcoin and Crypto as a whole.
Bitcoin is classed as a 'Currency' but is traded as a 'Commodity'. What you...
It is imperative in my opinion for bitcoin to respect this all time trend line, we are approaching it in the near future. I think the price could dip further in the next few weeks, but then a new bull run will begin.
Let me know what you think in the comments.
Like this idea if you agree!