is the BTC target to watch 5990?

In looking at BTC chart, this will be the 3rd time in the last 3 months that we have tested the 6k area.

the first time in late June we hit a low of 5750, bounced, re-tested the low (holding at 5780) before moving upwards away from 6000.

the second time in August, we see a pattern of 3 lower lows with the last being at 5870 before the bounce.

Now with those 2 solid price points, we can extend a trend-line out and see what may be a logical area for the next low.

IF (always the important part) the pattern repeats, 5990 should be the target to watch for several reasons:

1. given where we are, time-wise, on the chart, that would match the trend-line mentioned above marking the lowest lows of each drop.
2. if we look at the difference in first 2 lows... roughly 120 points. 5750 and 5870. apply that same 120 points and we are at 5990.
3. if we look at the shorter trend-line/channel we are in and compare it to the similar pattern we saw in August, a 3rd low down would line up at roughly 5990



Now, all the being said.... my opinion on this ends if and when it touches 5990. Whether that holds as a low or we finally give up the 6k area is another conversation all-together. I do see striking similarities in price action from 2014-15 to current chart:

and we can only hold/test a level so many times before it fails; with each successive test being much more likely that it WILL fail.

(yes, i understand the fundamental environments between then and now are different, but i am only looking at a chart to see what price action history may repeat itself.)


Lastly, will repeat my opinion that i have held for the last 6 months: in the bigger picture...only 2 prices matter to me: 6000 and 12000. Everything in between is just sideways noise. I know that seems kind of redonkulous seeing how that is a 100% range, but again: bigger picture/ trend sense. A real move below 6k completely undoes the run to 20k and opens the conversation for next big target of 3000-3200; while a break above 12k clears out all the previous highs including the massive double top in earlier part of this year, and would only leave the 20k high in its way.