Quick idea to illustrate the expectations in the incoming weeks on Bitcoin following Elon's FUD.
After the wick below the 1W Bollinger Band at 49K to 46-45K Bitstamp, I expect the sideways to settle for 2 more weeks between 49K-55K after which the Weekly Bands will tighten further and the bottom band moves to 43-40K which will warrant its quick test then the Megabull resumes to 100K
The other possibility is we chop above the Weekly Midband at 49K but between 49K-55K for few weeks then start to grind up to the ATH into June and we resume our Megabull to 100K.
Best of luck, Carl M.
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Elon Musk like CSW, Roger Ver, and few others that came to spread FUD around Bitcoin is definitely another polarizing figure. Whether I agree with him or not does not matter at this point, I think he needs to stop manipulating the Crypto Market and let it be.
With the latest round of FUD being spread around today, it looks like Bitcoin will close the Weekly below the Midband at 48.4K which typically and historically means that we MAY (pending confirmation) start a bear market from these levels. If we do then I personally believe still that it will be part of the dual bull run Megabull or Supercycle similar to 2013 which had 1 bull run, 1 mini bear market followed by the last bull run by year end (all in the same year).
Anyways, if we do close below the 1W midband at 48.4K today, I believe that we will go much lower than 43-40K. Reason being we'd need to head down and test the Weekly modes near 34-35Ks or the Weekly bottom band currently near 30-28K. Once fulfilled then I believe we can see Bitcoin grind up towards the ATH by August and have a last bull run towards 250K+ by Dec 2021
Anyways, lets see how we close the Weekly in 1 hour 40min before we jump to conclusions.
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As predicted following the 1W midband failure, my buy/long levels were hit 6 hours ago at 35-34K including the 31-29K bottom bollinger band.