I anticipate Bitcoins two years bull run is coming to an end, and will continue to slowly correct over the coming weeks.
Chart above is a possible scenario.
BTC is hanging by a hair on 1D 50 Moving Average which also aligns with a trendline that's been holding for now.
We saw a touch yesterday, and we'll likely see a break in the coming hours.
Breaking 1D 50MA support will take us straight to 11 - 12.5k area which needs to prove another strong bounce by the bulls in order to avoid another big correction.
If 11.5 - 12.5k area is not able to hold, i expect a further downward movement which will take us to 9.5 - 10k area.
Here lies the 100D MA and another important trendline we previously have seen strong bounces from.
9.5 - 10k support area will likely produce a good bounce. Bulls might be able to take it higher than .5 fib and try to turn the trend back to bullish. I believe odds are it won't succeed and will dump further to the bear target in a massive panic sell off, all across the crypto market.
Bear target: 6.5k
Extended fib target: 5k
Remember News doesn't move markets, but they catalyst events that's bound to happen.
That said, we are seeing a lot of FUD all across the board which also speaks for a bear scenario.
Chart above is a possible scenario.
BTC is hanging by a hair on 1D 50 Moving Average which also aligns with a trendline that's been holding for now.
We saw a touch yesterday, and we'll likely see a break in the coming hours.
Breaking 1D 50MA support will take us straight to 11 - 12.5k area which needs to prove another strong bounce by the bulls in order to avoid another big correction.
If 11.5 - 12.5k area is not able to hold, i expect a further downward movement which will take us to 9.5 - 10k area.
Here lies the 100D MA and another important trendline we previously have seen strong bounces from.
9.5 - 10k support area will likely produce a good bounce. Bulls might be able to take it higher than .5 fib and try to turn the trend back to bullish. I believe odds are it won't succeed and will dump further to the bear target in a massive panic sell off, all across the crypto market.
Bear target: 6.5k
Extended fib target: 5k
Remember News doesn't move markets, but they catalyst events that's bound to happen.
That said, we are seeing a lot of FUD all across the board which also speaks for a bear scenario.
Trade ist aktiv:
It's starting
Trade ist aktiv:
First target hit, It's very likely we will see a bounce from this area.
Trade ist aktiv:
Reckoning day is here.
Trade ist aktiv:
All on track.
Trade geschlossen: Ziel wurde erreicht:
Target hit, likely pullback to 10k from here,
Kommentar:
Extended target looks like a reasonable final target for this correction.
Prepare for the final bear run.
Prepare for the final bear run.
Likely a 16k test will be followed now, and then we see wether we go higher or lower from there.