There are a lot of differences between the 2017 run up and this current run up, but lets look at the few similarities. If you look at the blue trend lines for both years, they both are quite steep. A trend this steep is eventually going to break down, I believe that to be happening already. Trend lines should be around 45 percent degrees. Anything above 45% is expected to fall lower, and vice versa. As we can see, the topping pattern now is pretty close to the pattern in 2017. I have circled it to make it easier to spot. The percentages are different, but that doesn't change the pattern. I am expecting this to fall to around $7400. I do not expect bitcoin to break above 10k, but if it does, it doesn't change the pattern until it breaks higher than 13.2k. Until 13.2k is broken, I will continue to believe that 13.8k is the high for now. If we do break above 10k, it will be slightly bullish, but to think it'll go above 13.8k and make new yearly highs is a bit early of a call. It is good to note that this pullback is roughly 35% from the 13.8k top. This means that it met the 33-66% pull back "requirement" to possibly speculate new yearly highs. The way i'm looking at this though, is that we were only getting 10-15% pull backs throughout the run up from 4k to 13.8k (not counting flash crashes). This leads me to speculate that there is more room for this correction. The MACD trending down on the daily and failed to break above once already. It broke below the 50 day moving average. 10k is a critical level to break at the moment. Heikin ashi candles on the daily are bearish and will continue to be bearish if it stays below 10k. I am looking to long bitcoin at 8k, 7.4k and 6k.
Comentário:
One thing to note, I do not think we are crashing 80% like 2017. I just used it as an example to show the depth of the down trend and the possibility. I believe we are just in the beginning of a soon to be super bullish market, and this next dip will be the lose price btc will ever be in the future.
Comentário:
Lowest price*