PundiXThere is a bit over a year here.
It is this week when this thing has come back from the very graveyard.
Wheresthelow
Follow the Trend: $5400 sooner rather than laterPlease! And I repeat, please! Stop trying to anticipate the bottom by buying the "dips" that the media and your favorite Youtuber push down your throat. I take it that everyone that puts the effort in to even attempt to dive into TA has a strongunderstanding that the market works in trends. AND RIGHT NOW, AS HARD AS IT IS TO SAY, THAT TREND IS DOWNWARD!!!
With this said I put together a depiction of what this weeks short will look like within my trading community. There is a strong resistance at roughly $6280, which is the swing low of ($7600 to $6280) the previous downward swing. If bitcoin were to break this resistance level the highest I could see it going is $6400- where .... ,its current channel and the channel of the downward trend of the market would intersect, forming the same pattern of resistance that happened in the previous channel above before it began to follow its downward trend. We predict that there will be a pull back at the resistance level of the latest swing low ($5780), which is where I will take profits before I reinvest them with another short before bitcoin reaches roughly $5400!!
How did I get $5400: I took 90% of the previous downward swing ($6700-$5700) which brought me to approximately 5,439.28 when plugging in the exact coordinates.
Side note: Please do not let mainstream media, whom is controlled by the elite, bait you in to believing that the bottom is near. They are not even close to flushing out all of the "bs" coins that made millions of dollars . So until the regulations come, make you some money strategically placing your shorts.
Best of luck to guys!!
BTC BEAR MARKET SCENARIOThis analysis is courtesy of Tim West time@mode system, and Ivan Labri for introducing me to the system, if btc manages to break the 6k low, price has a target of 3300, with expiry date of 46 days.
Excuse if all don't look that professional yet, its my first post.
Just my 2 sats - BTCUSDTHey guys, it would seem the general consensus among the majority right now is that we're heading into a new low, or at least a retest of the 6k area - I'm not so sure. I've been mostly bearish since i began posting but that was before... before i saw BTC break the bear channel and HOLD. This will mark the first real retest of that once VERY staunch resistance as a new found support (hopefully). Obviously it can fail, however, given the amount of effort BTC needed to break it with any real confirmation, I find myself a little hopeful. This will (In my opinion) be the test to either confirm or deny BTC being in the beginning of a bull season again. This is an important time ladies, gentleman, whales, fishies, bulls and bears and all beasts of burden! feel free to comment your take on the market, i will try to get back to you guys though i often leave this running in the background. Trade safely and make bank!
Cable respecting former channel supportSo turns out we were a little conservative when we called for the 1.618 extension at 1.2385 last week ... Pair fell around 6% on Friday depending on your broker, Reuters had the low some 500 pips lower in the 1.14 region - that's a 10% decline. Regardless, pair quickly recovered to the 1.24 - 1.25 zone, consolidating below the underside of a broken channel. Pair continues to respect this line and bears are attempting a push lower Tuesday, currently testing the interim support zone between 1.220 and 1.2320. A break below there would target the the psychologically important 1.2 level, while a reversal back inside the descending channel would target channel/zone resistance confluence between 1.2420 and 1.25. Breach of there would invalidate on the lower time frames, but pair remains bearish on the higher time frames below 1.29 and expect plenty of selling interest on any strength.
