BTC - $12,000 by Christmas
The recent drop in BTC fits well with the narrative of a speculative bubble. Between the awareness and the mania phases of a bubble formation, there is a bear trap.
Bear traps are characterised by a dismal outlook - where price breaks through support without looking back and without any real bounce. The "trap" aspect comes into play when the market recovers with surprising strength.
I believe that $3500 was the bottom, and that we are about to see a strong recovery to $12,000 by Christmas day.
This recovery will likely begin with a 2-3 day impulse wave to test resistance at around $5,600 - $5,800. After this, a test of $5,000 should prove bullish, resulting in a 2 week 140% bull run to $12,000 by Christmas.
The Daily RSI is showing indications of a bullish reversal, with support being found at 30. The MACD has also maintained a cross for around 3 days. The ADX is also very high, sitting at 50, which indicates a potential reversal.
This prediction is made with the bursting tech bubble in mind. Please see the linked ideas for more information on the longer term economic factors at play.
Bear traps are characterised by a dismal outlook - where price breaks through support without looking back and without any real bounce. The "trap" aspect comes into play when the market recovers with surprising strength.
I believe that $3500 was the bottom, and that we are about to see a strong recovery to $12,000 by Christmas day.
This recovery will likely begin with a 2-3 day impulse wave to test resistance at around $5,600 - $5,800. After this, a test of $5,000 should prove bullish, resulting in a 2 week 140% bull run to $12,000 by Christmas.
The Daily RSI is showing indications of a bullish reversal, with support being found at 30. The MACD has also maintained a cross for around 3 days. The ADX is also very high, sitting at 50, which indicates a potential reversal.
This prediction is made with the bursting tech bubble in mind. Please see the linked ideas for more information on the longer term economic factors at play.
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Potential Head and Shoulders reversal with neckline at 4000, breakout could be timed with downtrend resistance at 4000.Nota
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Possible EW 3 - 4 patternNota
Updated targets: EW 3: 5400
EW 4: 4600
EW 5: 12000
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Timing may also be a little off, $12,000 may not hit until new yearsNota
3 failed breakdowns can often mean a break up is on the way.Nota
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After the recent breakdown of support, I reassessed my Gann placement, which has changed the targets back to the original prediction:EW 3: 5800
EW 4: 5000
EW 5: 12000
Price may drop to touch 3600, but my mid and long term outlooks are extremely bullish.
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wedge support touch and rejection = bullishNota
I made a typo in the second last post, the pattern is meant to read:1/2 Week Bull
1 Week Bear
1/2 Week Bull
1 Week Bear
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Blue bar pattern taken from blue rectangleNota
Outlook and targets remain the same. Don't let the bear trap fool youOrdem cancelada
3500 support is broken, analysis is invalid. I still believe that this is a bear trap, and am looking for a reversal pattern to spark a rapid recovery. The following head and shoulders could be completed by the end of the year, but I will wait for the formation to complete before posting another ideaNota
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Original TA and impulse structure may be invalid, but original targets of 5800, 5000 and 12000 are still viable. 12000 is likely to be reached by the end of the year, or very early next year.Nota
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