But before I get inactive again, I wanted to warn you about the current Bitcoin comparison with the 2014 chart.
I had already done that myself, yes, but by now I have understood that the current correction will look very different from before.
Because if you take a look at the 2014 chart, you can clearly see that the correction has long been made compared to now. (We formed a running flat)
The current chart clearly lacks the last wave (the green arrow) to complete the smaller correction (B Wave).
In the end, a strong move is waiting for us, which will break the previous $ 6000 bottom.
That's when many buyers panic. 'Experts' and the media will say that this is the end of Bitcoin .
So do not look at any stupid comparisons, because they will not happen like that. If we actually sink here I can tell you that we will bounce up and down several times. But we will never repeat in life what happened in 2014, because this time the chart looks completely different.
In summary: The best time to get more Bitcoins . There can not be a healthier correction.
BTW: I do not use a title that attracts attention. Everyone who sees it should be lucky. Good luck :)
I can fully understand the questioning for my target of around $ 2000 especially if this is not substantiated.
Short explanation: A downmove in the $ 2000 area would mean that we test the MA 200 in the weekly chart.
Considering how much BTC the mining community holds seeing anything under $5K for more than a day seems unlikely before they start pumping again."
The "community" can not keep the price up. In the end, it is the big investors who can move the market very easily. As an example, look around in Tradingview. Rven though most were bearish at around $6,500, the price has since risen to $8,000. Therefore never orient yourself to what the mass does. Besides, it would fit quite well with my prediction. As soon as we break the $ 5000-4000 there is not much support left until $ 2000. That would lead to a mass panic. I'm already looking forward.
If we break $7500 in next hours/days we will easily see a new bottom. But I am expecting a up and down, up and down several times at these levels to trap people.
After that Bitcoin will still see a larger upmove (end of B correction) and downmove (C wave).
So, I am very very sure we will see a new bottom. I would bet my life for it.
If we break $7500 we will see a new bottom, otherwise it should go up.
No matter what scenario happens, we will still go up (Wave C of ABC correction of wave B) and down (Wave C on bigger ABC correction) one more time. Even if we see a new bottom from here.
On daily chart, Bitcoin couldn't break MA 50.
On 4h chart, we can clearly see that Bitcoin is heading to $7700. There we have MA 50 (blue) and MA 200 (purple) as huge support.
So it's going to be exciting to see if Bitcoin can hold this range ($ 7500-7700) or not.
I think Bitcoin is rising from here as many altcoins are currently building a bull flag and Bitcoin has great support at around $7500.
Also, it is a good sign that the longs are falling while the shorts are rising. Both are almost on the same level. We will see where it will go.
Iijoclu: "@E55 after the bull run to $12k how low are we likely to go? Also, what are the timeframes on these predictions? Thank you for your analysis"
Should go easy under $5000. My target is at around +/- $2000, but can also stop between $4000/3000. We need to look step by step.
In the past, so many people claimed that it was impossible for Bitcoin to get anywhere near $6000. Now, most people claim that it's impossible to reach $4000. If Bitcoin ever came close to that, many have said that they would like it because they would have more Bitcoins. Now you realize (which was clear) that over 90% of the people on the way are losing all their money. It'll be fun to see how many will immediately lose another 50% as soon as Bitcoin reaches 11-12k. In the end, almost everyone will have no more money to afford Bitcoins at all - even many whales are losing a lot right now.
Then it's time to wait for investors to enter te market.
By the way: I feel sorry for the people who follow all the top authors. You just see that they either just lose money or do not even try to trade. The only top author I can currently recommend is botje. I do not follow him very much, but still he does a very good job. The rest is ... .
Another thing I want to give you as a tip: As soon as Bitcoin should go down again, many will say that Bitcoin only makes a 'double bottom'. I bet with you that we will easily break this value.
You can compare it to when Bitcoin has reached the $10000. Many, or rather, everyone thought we would make a very strong correction from there. What happened? Since everyone expected this, it did not happen and we were rushed through this milestone like anything else.
That's why I'm not interested in what most people do or say. That's why I think we'll go under $4000. If everyone says that it will not happen because Bitcoin is a new technology that will change the world, then it will happen.
''Break of $8500/8600 would lead to a bull run.''
Expecting a small drop before breaking it to trap more people.
Everyone was waiting for the touch of the resistance line on log chart and at least a pull back. Nobody expected a break like that and the most people will wait for another pull back which probably won't happen so fast.
Now next step around $12000 and after that we will make tons of money at shorting.
As soon as we do not get under 8600, we test from here 9000er range.
But mid-term we should go to around 12000.
This could be the end of the correction. Short positions also very low. Tradingview and mass media became bullish again.
Just look at the C wave of the B. Looks like a wedge.