Yes Bitcoin is going up, but only to come down again !
Let me keep it real simple, I’m a price action trader, what this means is that I study charts and try to predict where price would go next (using minimal risk). That means I rely on the information on the charts for price prediction.
As a price action trader I rely on past data for price prediction, using support and resistance, and generally just watch what price is doing in this present moment.
Now back to Bitcoin, this analysis is based on the huge bearish move that happened in 2018 after its ATH at 20k.
Price came all the way down to 4K before the rally up and then coming back to test the 6k-4K zone again, gracefully, the 6K zone was a great support, and price slowly started to climb till it got to its new ATH at 64k.
Now from the 64k ATH, we have seen another huge bearish move that brought price down to the 28k zone which has held as a strong support and price has started to rally.
I expect price to repeat its move from 2018, which is respecting the 0.618 Fibonacci Retracement level…
If this plays out, that means price would be going up to test the 51k zone, maybe the 58k again which is the 0.786 of the Fibonacci Retracement ( which could be a trap for those hoping BTC just flies to 200k and other outrageous numbers) so I would expect huge rejection at this level too, just like it did back in 2018.
If this plays out this way, price would come back down to retest the 28k zone, before rallying to make new ATH…
If this Zone doesn’t hold as a strong support ( which I’m hoping it doesn’t, because I think BTC still needs some correction).. it would drop to the 19k and maybe the 13k if the 19k doesn’t hold as a support..
* ATH means all time High
* BTC means Bitcoin
* The Teal green arrow on the chart is the 0.786 Fibonacci retracement.
* The blue arrow is the 0.618.
* Fibonacci retracement is a tool that predicts where price would retrace to after a huge bullish or bearish move.
All of this analysis are just my predictions, price would still do what it wants to do, and that’s why I’m on the sidelines for now, till I see price action confirmation that I should enter a position…
Always trade with caution !, don’t over leverage !
As a price action trader I rely on past data for price prediction, using support and resistance, and generally just watch what price is doing in this present moment.
Now back to Bitcoin, this analysis is based on the huge bearish move that happened in 2018 after its ATH at 20k.
Price came all the way down to 4K before the rally up and then coming back to test the 6k-4K zone again, gracefully, the 6K zone was a great support, and price slowly started to climb till it got to its new ATH at 64k.
Now from the 64k ATH, we have seen another huge bearish move that brought price down to the 28k zone which has held as a strong support and price has started to rally.
I expect price to repeat its move from 2018, which is respecting the 0.618 Fibonacci Retracement level…
If this plays out, that means price would be going up to test the 51k zone, maybe the 58k again which is the 0.786 of the Fibonacci Retracement ( which could be a trap for those hoping BTC just flies to 200k and other outrageous numbers) so I would expect huge rejection at this level too, just like it did back in 2018.
If this plays out this way, price would come back down to retest the 28k zone, before rallying to make new ATH…
If this Zone doesn’t hold as a strong support ( which I’m hoping it doesn’t, because I think BTC still needs some correction).. it would drop to the 19k and maybe the 13k if the 19k doesn’t hold as a support..
* ATH means all time High
* BTC means Bitcoin
* The Teal green arrow on the chart is the 0.786 Fibonacci retracement.
* The blue arrow is the 0.618.
* Fibonacci retracement is a tool that predicts where price would retrace to after a huge bullish or bearish move.
All of this analysis are just my predictions, price would still do what it wants to do, and that’s why I’m on the sidelines for now, till I see price action confirmation that I should enter a position…
Always trade with caution !, don’t over leverage !
Penafian
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