The end of the road for BTC Bitcoin...8500 was the top...
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After getting a much needed relief bounce, BTC is ready to move lower and continue it's bear market.
The main driving force for this rally was the possibility of ETF approval by the SEC. With the Winklevoss ETF getting rejected, not once but twice, this put a lot of uncertainty in the market. What is to say that other ETFs won't be rejected as well?
The SEC made it clear that BTC was rife with price manipulation and could not properly regulate off shore exchanges. Until this changes, and it can be traded in an SEC approved exchange, the ETF will be a no go, at least this year.
For this reason, I don't see any reason for BTC to move up. It got rejected harshly by the 50 week moving average, which has proven to be very strong support, now resistance. It also failed to make a higher high.
My first targets for potential bottoming out of this market is $4300, or the 0.786 fib and $2500, or the 0.886 fib. There is confluence with the VPVR, and being very major support in these areas. The market should feel comfortable around these levels before a new catalyst emerges to push up the prices back to all time highs.
The main driving force for this rally was the possibility of ETF approval by the SEC. With the Winklevoss ETF getting rejected, not once but twice, this put a lot of uncertainty in the market. What is to say that other ETFs won't be rejected as well?
The SEC made it clear that BTC was rife with price manipulation and could not properly regulate off shore exchanges. Until this changes, and it can be traded in an SEC approved exchange, the ETF will be a no go, at least this year.
For this reason, I don't see any reason for BTC to move up. It got rejected harshly by the 50 week moving average, which has proven to be very strong support, now resistance. It also failed to make a higher high.
My first targets for potential bottoming out of this market is $4300, or the 0.786 fib and $2500, or the 0.886 fib. There is confluence with the VPVR, and being very major support in these areas. The market should feel comfortable around these levels before a new catalyst emerges to push up the prices back to all time highs.
Nota
The 50 and 30 week moving average are about to cross. The last time this happened was in 2014, which preceded a 70% drop.
A 70% drop would put us at around $2500, even more confluence and clues that we may be headed there for a potential bottom...
It would also line up with a 85-90% bubble correction that Bitcoin was due for.
Nota
I am getting a lot of emotional responses, and also some people referencing some bad call I made. If you go through my bitcoin calls, over 60% of them came out as I said they would.This makes me believe that we will play out the bear market.
Classic denial phase is being displayed.
Nota
No one wants to believe that history can't repeat itself, but it usually does...Nota
Just to note, my most optimistic / realistic target is 4300...I am not saying it's going to drop all the way to 2500, but capitulation may take us there. The volume profile hints at that being the next level if the 4300 level is breached.Nota
The mother of all bear flags that will put the entire puzzle together.
#RoadTo4k
Nota
Looks like this scam doesn't want to die yet. Whales keeping the ship afloat by all means. Clear inverse cup and handle, and got rejected harshly by the .618 fibbo. I do see a possible bull trap to the 50% fib as a big bull trap to liquidate some shorts before another big down.
Nota
Have been playing with different color schemes, pardon the sudden changes...
Anyway, back to the meat and potatoes, nothing has changed. We are in a clear rising wedge with bearish divergence. I have even updated the chart with Bitmex as the exchange since they have the HIGHEST Bitcoin trading volume. Still, there is significant divergence. I believe a breakdown is imminent once the 6.5k support is broken and confirmed with high volume.
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