We have a clear picture being painted, down before we can go up. We need a capitulation in order to get back up. So just sit tight and wait for the right entry. Market is very depressed due to price action, buyers that are entering are quickly exiting positions causing the market price to decline. We will be breaking down the final support that we have and then its a free fall down to lower levels where we started this trend of around $5,000 area.
This area should have lots of support and buyers coming in. Best case scenario is that we bounce from the $5k level and start the next bull run that will get us up to the $15k levels by Q2 -
Q3 We should experience a retest of the $7500ish area with a then massive bull run into Q4 to put us near the ATH.
Our worse case scenario is that we bounce from the $5k then fail a retest of the $8,500-10k area and come back down to the $3,000 level fail at the $5k and retest $1,800. This scenario is unlikely. I would say 18-23% likely hood.
This is not to be used as trading advice, just some friendly charting!
Check out my other charts and subscribe!
This area should have lots of support and buyers coming in. Best case scenario is that we bounce from the $5k level and start the next bull run that will get us up to the $15k levels by Q2 -
Q3 We should experience a retest of the $7500ish area with a then massive bull run into Q4 to put us near the ATH.
Our worse case scenario is that we bounce from the $5k then fail a retest of the $8,500-10k area and come back down to the $3,000 level fail at the $5k and retest $1,800. This scenario is unlikely. I would say 18-23% likely hood.
This is not to be used as trading advice, just some friendly charting!
Check out my other charts and subscribe!
