Bitcoin: Ok It's Going Down, But What Is In It?

Hey people, this time I am talking about Bitcoin's short-term perspective. I am not going to talk abot mid- or long-term perspectives, simply because of the current uncertainty of the markets - sorry for that!

However, to make it quick:

Fred is showing pretty much the same predictions across all levels for Bitcoin, while currently the overall market fomo meter is in the fud area (it is doing that since quite some time), the market sentiment is still rather pointing downwards (who had thought that):

Overall Fomo Meter showing current market sentiment

So it is safe to assume that Bitcoin is going to continue its up- and downswings like it did recently, question is, what are the potentials?

Well, let's assume Bitcoin is not breaking the major trendline which sits currently at the 6100 USD levels, then a reasonable entry point could be right at this level. This is actually backed by Fred's current Level 1 low:

Level 1 lows and highs for Bitcoin

In the above picture, you can indeed see that Fred verifies the major trendline support and signals a potentials buy-in at 6100 - 6150 levels. However, if we stay at the level 1 highs, and try to be conservative, we could see exit-points between 6348 - 6400 levels. This would still give us a 3%+ gain if that plays out.

However, in case the support line is broken, I personally think it would recover but doing a significant shoot-over (or shoot-under, depending how you see it). A reasonable price point for this case, Fred is giving us, as well:

Level 2 lows and highs for Bitcoin

A reasonable shoot-over would likely be caught at 5900-6000 levels and give us more potentials if we stick with the sell-points at the level 1 highs as seen above.

Just in the unlikely event that Bitcoin turns into full bull from there, upping sell orders to level 2 highs could raise potential gains to 11%+.

Summary

Bitcoin appears to keep doing its current up- and downswings, likely swinging between 6100 and 6400 USD but also further downswings to 5900 are thinkable. A major bull-run is not at the horizon which will force us to stay conservative and rather use Fred's level 1 highs as sell-points.

This article has been made with the help of Fred (CoinStudio) and a lot of love.

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