BITCOIN MAY PLUNGE DOWN TO 2-3K AREA
FEBRUARY 11, 2020 So you may see Bitcoin now retraced a little bit below the 10k area. What now? Is this only a normal correction for the bitcoin to be able to go to a much higher price and just go parabolic passing up the 2017 All time high of 20k? OR,,,,,,, Is this the beginning of the second wave of the bear market cycle that may pass down even more the All Time Low of the 2018?
As we can see on the Weekly Chart of BTC/USDT ( BITCOIN ), The price of bitcoin is now testing the previous resistance line that lead to multiple rejections in the year 2018. After touching the resistance line on the 10k area, bitcoin had made its little retracement back to the 9.7k-9-.8k area. As we are on the strong resistance line where multiple rejections had been made, bitcoin may repeat its dangerous move retracing more below the 7k area if the 2 candles on the weekly chart CLOSES as a RED candles starting the current week candle.
As a Trader/Investor, we are very familiar on this SAYING: "Price History Repeats itself". (Though if you don't, Then why are you reading this? Why are you investing in crypto? and why the hell are you hoping that bitcoin will make its all time high again just like what it did last 2017?)Just Saying. Well, This saying is true. Price History tends to ALWAYS repeat itself. And I have proven this in crypto world when I was calling for a retracement of bitcoin to 3k ish area wayback 2018 when its price is lying on the 6k support line. Want to know my proof? Check my profile and my previous call about bitcoin .
So if this is true that the price history tend to repeat itself, what's with bitcoin? on my previous analysis I used the 2013-2015 chart to compare the movement on where bitcoin currently and on where bitcoin might go. But for today we will just going to use the 2018-2019 chart to analyze its move and where it will go.
So as for now, we have 2 scenarios, The BULLISH side and the BEARISH side. IF the btc price breaks the 11k area within the 2 weeks time starting this week(That's 2 candles on the weekly chart starting the current candle upon writing), Then the parabolic move going to the upside has just started and New all time high within this year may likely to happen just like what it did way back 2016-2017 chart of btc . BUT, if the current candle turns out to be red as I said earlier, Following by another red weekly candle , this is a great sign that a rejection may likely to happen like it did last 2018 and we must short this asset for a while if your are trading this as we will be testing again the major support line way back 2018 which is the 6k-7k area. As we can see also in the chart, the ichimoku cloud is confirming the strong resistance line. also, If we plunge below the 6k support area , it may hit to a very critical level passing down the all time low of of 2018 which is the 3k area, before we take a flight passing the all time high of 20k. If you still not convinced on the bearish side especially the scenario where bitcoin may plunge passing down the all time low, you must watch the video of alesio as he dicussed on the the possible scenario of bitcoin in a macro picture using the elliot wave theory.
Hoping that this analysis may help you find where's bitcoin is going to be. Just a thumbs up to this analysis and hitting the follow button is considered a thank you to me.
Have a nice day.
UPDATE Feb 16
Comment: RED WEEKLY CANDLE IS CONFIRMED. IF WITHIN THIS WEEK WE CLOSED BELOW THE 9900 AREA, THEN WE COULD EXPECT A MAJOR CORRECTION IN THE COMING MONTHS. THIS COULD END UP FORMING THE WAVE 3 PASSING DOWN OUR MAJOR SUPPORT LEVEL WHICH IS THE 6K AREA EVEN DOWN TO THE 3K AREA.
UPDATE Feb 25
Comment: THE PLUNGING HAS STARTED. IF AND ONLY IF, THE CURRENT WEEKLY CANDLE THIS WEEK CLOSED ON A RED ONE,THIS IS A GREAT CONFIRMATION OF A REJECTION FROM THE STRONG RESISTANCE LINE. GET READY FOR A MAJOR DROP OFF TO 6K AREA AND WORST COMES TO WORST, IT MAY PLUNGE FURTHER BREAKING DOWN THE 6K AREA DOWN TO 3K-2K AREA BEFORE SKYROCKETING TO ITS NEW ATH.
As we can see on the Weekly Chart of BTC/USDT ( BITCOIN ), The price of bitcoin is now testing the previous resistance line that lead to multiple rejections in the year 2018. After touching the resistance line on the 10k area, bitcoin had made its little retracement back to the 9.7k-9-.8k area. As we are on the strong resistance line where multiple rejections had been made, bitcoin may repeat its dangerous move retracing more below the 7k area if the 2 candles on the weekly chart CLOSES as a RED candles starting the current week candle.
As a Trader/Investor, we are very familiar on this SAYING: "Price History Repeats itself". (Though if you don't, Then why are you reading this? Why are you investing in crypto? and why the hell are you hoping that bitcoin will make its all time high again just like what it did last 2017?)Just Saying. Well, This saying is true. Price History tends to ALWAYS repeat itself. And I have proven this in crypto world when I was calling for a retracement of bitcoin to 3k ish area wayback 2018 when its price is lying on the 6k support line. Want to know my proof? Check my profile and my previous call about bitcoin .
So if this is true that the price history tend to repeat itself, what's with bitcoin? on my previous analysis I used the 2013-2015 chart to compare the movement on where bitcoin currently and on where bitcoin might go. But for today we will just going to use the 2018-2019 chart to analyze its move and where it will go.
So as for now, we have 2 scenarios, The BULLISH side and the BEARISH side. IF the btc price breaks the 11k area within the 2 weeks time starting this week(That's 2 candles on the weekly chart starting the current candle upon writing), Then the parabolic move going to the upside has just started and New all time high within this year may likely to happen just like what it did way back 2016-2017 chart of btc . BUT, if the current candle turns out to be red as I said earlier, Following by another red weekly candle , this is a great sign that a rejection may likely to happen like it did last 2018 and we must short this asset for a while if your are trading this as we will be testing again the major support line way back 2018 which is the 6k-7k area. As we can see also in the chart, the ichimoku cloud is confirming the strong resistance line. also, If we plunge below the 6k support area , it may hit to a very critical level passing down the all time low of of 2018 which is the 3k area, before we take a flight passing the all time high of 20k. If you still not convinced on the bearish side especially the scenario where bitcoin may plunge passing down the all time low, you must watch the video of alesio as he dicussed on the the possible scenario of bitcoin in a macro picture using the elliot wave theory.
Hoping that this analysis may help you find where's bitcoin is going to be. Just a thumbs up to this analysis and hitting the follow button is considered a thank you to me.
Have a nice day.
UPDATE Feb 16
Comment: RED WEEKLY CANDLE IS CONFIRMED. IF WITHIN THIS WEEK WE CLOSED BELOW THE 9900 AREA, THEN WE COULD EXPECT A MAJOR CORRECTION IN THE COMING MONTHS. THIS COULD END UP FORMING THE WAVE 3 PASSING DOWN OUR MAJOR SUPPORT LEVEL WHICH IS THE 6K AREA EVEN DOWN TO THE 3K AREA.
UPDATE Feb 25
Comment: THE PLUNGING HAS STARTED. IF AND ONLY IF, THE CURRENT WEEKLY CANDLE THIS WEEK CLOSED ON A RED ONE,THIS IS A GREAT CONFIRMATION OF A REJECTION FROM THE STRONG RESISTANCE LINE. GET READY FOR A MAJOR DROP OFF TO 6K AREA AND WORST COMES TO WORST, IT MAY PLUNGE FURTHER BREAKING DOWN THE 6K AREA DOWN TO 3K-2K AREA BEFORE SKYROCKETING TO ITS NEW ATH.
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