As I said in this post the tiny breakage upwards we saw three days ago of the symmetrical triangle was indeed a bull trap.
Nonetheless, the good news are that we have break the boring uncertainty of the las two weeks and we can see a more clear "price flow"...
According to my opinion, this last movement may be part of the final A-B-C corrective waves which started after the "Previous High"...
If so, we may see the completion of the "C" wave very soon... If this "C" wave behaves as a 5-waves down (see the chart), the end would originate a "double bottom" around 5850 USD which can be a good ground for a reversal start...
As you can see below the 200 DMA is still far from the Price chart...a lower low is needed.
Again, we are very close to the market change but will not be tomorrow ;-)
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
Been saying this for months.,.... but we're going waaaaaaaay down still. Looking more and more like it's coming true. And if it does it will turn a lot of bulls bearish, but it will turn me super bullish.
$3000 Bitcoin is my ideal buy-in, but I will start dollar-cost-averaging from $5000 downward.
Worst case scenario is a $1300 bitcoin but I sincerely doubt we will go that low.
Timespan for recovery is all the way to mid-2019 which is right about when the fomo for the next halving is going to kick in.
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I think the "only" movers remaining at the market are right now the "traders" sector... the majority of the rest I believe they are really long term holders...
If BTC goes below 3000 USD it would mean a crash of the total market of more than 100 Billion USD... It looks, either, a super long bearish period or long term holders escaping massively...
IMO, I see more realistic to look for a bottom around 5000 USD...but you may be right as well since you live what happened after 2014 peak...
Cheers!
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very good indeed...and my sentiment as well. following.
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@toofasteddie, thank you for the update on the bitcoin price. I am constantly observing the Descending triangle on 1D and I am very curious what will happen in the next month or two.
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