In my opinion $BTCUSD will re-visit weekly MA200 and hopefully will reverse from there - this would mean that we are currently in a broad wave 2 correction and a wave 3 impulsive wave may be forthcoming in 2020. Last week weekly MA50 was taken out (price closed below MA50 and below DC20 as well on weekly chart) so it is highly likely that price will re-visit weekly MA200.
Daily TF suggests more downwards as well with MA50 crossed MA200 daily.
Now weekly MA200 is dynamic - currently is just under 5000 USD - so it is likely the price will visit the 5000 USD level. If this holds a wave 3 can lead as high as the 3.618 extension of wave 1 - approx. 42,000 USD. 2.618 target is approx. 31,000.
Now this all could be invalidated if finally weekly MA50 held and a reversal happened from these levels however I consider this as a low probability option now.
IF BTC will be 5000 USD its market cap will be approx. 90-95 billion USD.
Now let's take a look at TOTAL crypto market chart - IF we remain bullish in crypto theoretically weekly MA200 on TOTAL should hold as well. This is now around 152 billion USD.
This means that at the time BTC re-visits 5000 USD and TOTAL re-visit weekly MA200 TOTAL2 will be approx. 60 billion USD - right below/around its weekly MA200 and monthly MA200 however IF this still holds ideally weekly MA50 can remain above weekly MA200 and IF an impulse wave 3 is incoming we may end up with a reversal at that front too w/o weekly MA50 eventually crossing MA200.
IMO TOTAL2 is now critical to watch - I posted a previous analysis a few weeks ago. This level should hold and we slowly need to see a reversal otherwise the likelihood of going way lower increases.
Critical months are ahead BUT IF the bullish bias may be confirmed in the upcoming few weeks/months we may see a nice bullrun somewhere in 2020 (I would expect 2nd half of 2020 only).
IF wave 2 count was invalidated (if previous low was taken out under 3100) the wave count would need to be re-visited and we may still be then in a very broad ABC correction wave.
Any comments are more than welcomed! Thank you and please trade carefully and with money only you can afford to lose.
Daily TF suggests more downwards as well with MA50 crossed MA200 daily.
Now weekly MA200 is dynamic - currently is just under 5000 USD - so it is likely the price will visit the 5000 USD level. If this holds a wave 3 can lead as high as the 3.618 extension of wave 1 - approx. 42,000 USD. 2.618 target is approx. 31,000.
Now this all could be invalidated if finally weekly MA50 held and a reversal happened from these levels however I consider this as a low probability option now.
IF BTC will be 5000 USD its market cap will be approx. 90-95 billion USD.
Now let's take a look at TOTAL crypto market chart - IF we remain bullish in crypto theoretically weekly MA200 on TOTAL should hold as well. This is now around 152 billion USD.
This means that at the time BTC re-visits 5000 USD and TOTAL re-visit weekly MA200 TOTAL2 will be approx. 60 billion USD - right below/around its weekly MA200 and monthly MA200 however IF this still holds ideally weekly MA50 can remain above weekly MA200 and IF an impulse wave 3 is incoming we may end up with a reversal at that front too w/o weekly MA50 eventually crossing MA200.
IMO TOTAL2 is now critical to watch - I posted a previous analysis a few weeks ago. This level should hold and we slowly need to see a reversal otherwise the likelihood of going way lower increases.
Critical months are ahead BUT IF the bullish bias may be confirmed in the upcoming few weeks/months we may see a nice bullrun somewhere in 2020 (I would expect 2nd half of 2020 only).
IF wave 2 count was invalidated (if previous low was taken out under 3100) the wave count would need to be re-visited and we may still be then in a very broad ABC correction wave.
Any comments are more than welcomed! Thank you and please trade carefully and with money only you can afford to lose.
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TOTAL2 weekly:
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TOTAL weekly:
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