Bullish uptrend (shown green) originating from before the main bubble has offered support 3 times since the recent correction.
Even though we are currently in a parallel downtrend (white) we may see a change in BTC's fortunes by week end.
Bitcoin is about to pop slightly higher maybe to 44k and then crash hard.
The sp500 is also going to crash over the next couple of weeks.
Oil is also going to crash.
Something big is coming, get excited :)
Check my content and you know I have been calling the short for months. If you missed the recent moves down dont worry, there is more downside.
My next area to buy is around 15-20k, thta has not changed for months.
We may retrace from here higher into a danger zone, that's ok but ultimately we are dropping to 15-20k.
Become a Trade Ninja today :)
As I have been saying for the past 2 months, bitcoin is predicted to create a fake out double top on the weekly timeframe and crash to 15-20k.
For the past 2 months we have barely moved from the highs and now we just triggered a second major bear signal.
We will most likely get bounces off the horizontal lines I have drawn so when price looks to be rallying that...
Considering BTC smashed through the previous support level of 38.5k, a 1 month view of BTC movement & a fib retrace would suggest next level of support (61% on fib) is 36k.... lets see what happens!
Certainly still stand my previous post about expecting a very bumpy ride this week, hopefully as we edge into April, the bull volumes start to take over.
Let me know...
CLEAN AND SIMPLE TECHNICAL ANALYSIS. FOLLOWING THE PRICE ACTION A REVERSAL IN TREND SEEMS LIKE IT IS IN PLAY. LH AND LL WERE CREATED. A BREAK OF THE LH SIGNNALED A REVERSAL IN TREND TO ME. PRICE PULLED BACK AND CREATED A DB SIGNALLING WE WERE ABOUT TO SEE UPSIDE MOVEMENT. WE CAN NOW SEE PRICE IS PUSHING UP TO BREAK THE HH IT CREATED BEFORE THE DB. LET'S SEE HOW...
As previously mentioned I am expecting a drop to 15-20k before buying again.
In the meantime I expect all major bounces to be sold off. I am not selling, instead I am waiting at my 15-20k level to add to my position.
However for those that are interested in the short side here is a quick breakdown of what I see.
This looks like we might have our weekly double top fake out.
Volume decreasing as price moves higher.
Historical analogue points to bear market.
Price has gone parabolic, parabolic moves NEVER last.
If we keep breaking lower the area to buy back in is 15-20k range where a weekly inverse head and shoulders should form.
Bitcoin is rallying on low volume, extremely low volume in fact. This is a clear divergence between price and what is actually going on.
Like I said previously I believe we will see 15K this year.
Yes we can create a fakeout of the highs, yes we can remain at these high levels for the rest of the month but at some point when price starts to turn and everyone...