BITCOIN: Make or Break Moment! (Swing Trade Idea)

15 de out. de 2019

Hello bears and bulls. For this analysis, we will filter out all short term analysis and look at the bigger picture. We would like to focus on an interesting outlook via the log chart, dating all the way back to 2012. We are currently in a channel that is technically bullish; however, that doesn't mean a correction is not on its way. We have already hurdled over the biggest obstacle for validating and triggering the short term bearish market:

1. Huge bearish candle on the day chart, with volume
2. Death cross on the weekly is still showing a lot of room for a fall (possible capitulation)
3. Broke major support on the RSI (historical support is now broken); possible flush down to oversold territories is now even more probable.

What's next?

We would love to see Bitcoin accumulate and stabilize for the remainder of the year after a capitulation. A capitulation can bring us down anywhere to the 5K - 7K levels (7K being the 'golden pocket' .618 fib level). After the capitulation, our next wish list would be for us to accumulate, just like our fractal is showing. Fractals are important for longer time frames, especially on the log chart as they are very reliable and accurate in trending markets.

Trade Safe.