(Big Picture BTC)The bottom line would be 7000-7300 or 6500
Hi Guys,
Here is Andy again to show you the big picture of BTC.
What if you guys see BTC as a big picture?
There are two possibilities, but before mentioning about it, I want to talk about "DOW Theory"
- As we can see, the low points have gotten higher and higher (3000 ...5000...6000.... and ? )
Last year, BTC skyrocketed too much, so this price down of BTC nowadays is a proper one. If the price went up too much ,it should come down for a bit to get higher again (more than 20000)
Let's get into the chart.
Clearly, you can see head and shoulder pattern (purple) - and its neck line is heavy resistence (8300). Therefore, I believe BTC will go down again.
So, what would be the next support line?
There are two points. If a lot of traders are looking at the red trend line, 7000-7200 will be the huge support line.
If not, Green trend line will be the one. (this is the neck line of orange head and shoulder) - (6300-6600)
If I were you, I would divide my fund and buy BTC at 7000-7200 price level and 6300 - 6600.
Hope this help you guys to see the big picture of BTC !
I am not worried about the market. It will go up guys! Bulge Brackets are getting into the market and exchanges. Buy fear, sell greed!
**If BTC goes down under 6000, I am pretty sure this market will be crashed. A lot of traders including me will consider that the market is over at least for 1-2 years. **
If you guys like my analysis, please follow me or press like :)
Here is Andy again to show you the big picture of BTC.
What if you guys see BTC as a big picture?
There are two possibilities, but before mentioning about it, I want to talk about "DOW Theory"
- As we can see, the low points have gotten higher and higher (3000 ...5000...6000.... and ? )
Last year, BTC skyrocketed too much, so this price down of BTC nowadays is a proper one. If the price went up too much ,it should come down for a bit to get higher again (more than 20000)
Let's get into the chart.
Clearly, you can see head and shoulder pattern (purple) - and its neck line is heavy resistence (8300). Therefore, I believe BTC will go down again.
So, what would be the next support line?
There are two points. If a lot of traders are looking at the red trend line, 7000-7200 will be the huge support line.
If not, Green trend line will be the one. (this is the neck line of orange head and shoulder) - (6300-6600)
If I were you, I would divide my fund and buy BTC at 7000-7200 price level and 6300 - 6600.
Hope this help you guys to see the big picture of BTC !
I am not worried about the market. It will go up guys! Bulge Brackets are getting into the market and exchanges. Buy fear, sell greed!
**If BTC goes down under 6000, I am pretty sure this market will be crashed. A lot of traders including me will consider that the market is over at least for 1-2 years. **
If you guys like my analysis, please follow me or press like :)
Here is a zoomed version.
I also want to mention that 7500 could be the support level if you see the chart in log scale.