The market has been ranging for a while, and everyone is bored. There are many memes on Twitter about the boredom of the range –it is nuking sideways–
Multiple traders have run polls about whether we are in a bear market or a bull market. The results are always almost evenly split between bullish, bearish and neutral. However, the bearish sentiment does seem to have a higher consensus.
Some people are waiting for a drop to $25K. On the run-up, that was a level where bitcoin traded heavily. After breaking out from the old ATH ($20K), it spent one week trying to pass the
25K area. So some say it could provide some support.
Many expect a retest of the previous ATH. There's talk about a long wick that might pierce lower than the $20K area.
All this reminds me of the 2018 bottom. Initially, the price ranged for two months at $6K, the big drop to $3K came, and then it ranged for another two months. Back then, people were expecting to scoop up cheap bitcoin around the previous ATH of $1.1K, and some were even hoping to get bids filled at around $800. All very similar to what we hear today.
So, I decided to repeat the 2018 bottom pattern to see what that could look like now.
- The bottom could be in, but we have about two more months of ranging.
- We could still be on track for $100K by year's end.
Based on that pattern, $28,700 is a level to keep an eye on.
Multiple traders have run polls about whether we are in a bear market or a bull market. The results are always almost evenly split between bullish, bearish and neutral. However, the bearish sentiment does seem to have a higher consensus.
Some people are waiting for a drop to $25K. On the run-up, that was a level where bitcoin traded heavily. After breaking out from the old ATH ($20K), it spent one week trying to pass the
25K area. So some say it could provide some support.Many expect a retest of the previous ATH. There's talk about a long wick that might pierce lower than the $20K area.
All this reminds me of the 2018 bottom. Initially, the price ranged for two months at $6K, the big drop to $3K came, and then it ranged for another two months. Back then, people were expecting to scoop up cheap bitcoin around the previous ATH of $1.1K, and some were even hoping to get bids filled at around $800. All very similar to what we hear today.
So, I decided to repeat the 2018 bottom pattern to see what that could look like now.
- The bottom could be in, but we have about two more months of ranging.
- We could still be on track for $100K by year's end.
Based on that pattern, $28,700 is a level to keep an eye on.
Dagangan aktif
Fractal remains valid, we continue to follow the pattern seen towards the end of 2018.We did a 2x from $30K to $60K in the week of October 11. So, if we are to fulfill the rest of the pattern we are expecting another 2x from $60K to $120K around the week of December 18.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.