BTC seems like it is destined to go a little lower. I like to use historical patterns to forecast prices, which has worked to an extent. This I could attribute to a similar pattern from 2013. 6 green candlesticks monthly - were up. Then we crash in April 2013. This is May. Although we did close out April with a red.
Can we go down 80%? Maybe. It will be super quick if we do. I see this going down to the 500MA next, roughly just above or at where our previous ATH is now. $20,000.
We have to take in a couple factors first. Last month, what happened ? Well, it was an obvious short call, and then suddenly we went bullish and liquidated BILLIONS.
As the End of the month draws near, ask yourself this question: What price does Bitcoin have to be, to screw over the most people, and liquidate the MOST MONEY?
I bet, Bitcoin could end up somewhere near that level. And then, we just resume the trend.
My best bet, after 3-4 months, we are starting to rocket out of bearish territory. In 2013, lowest price point was in July, if we do not count that initial April drop. We may be in for a VERY BIG October or November. We will just have to see!
TA:
Golden cross on Daily. 50MA sinking under 100MA. Bad for price future. Bearish.
200MA broken. Previous support becomes resistance. Price bounces off 200MA downwards. Bearish.
500MA untouched. This would be ideal level for the next retrace, or final retrace, as it hits previous ATH. I would say Bullish at this point, but we would have to re-chart if it does reach this point. TBD.
Can we go down 80%? Maybe. It will be super quick if we do. I see this going down to the 500MA next, roughly just above or at where our previous ATH is now. $20,000.
We have to take in a couple factors first. Last month, what happened ? Well, it was an obvious short call, and then suddenly we went bullish and liquidated BILLIONS.
As the End of the month draws near, ask yourself this question: What price does Bitcoin have to be, to screw over the most people, and liquidate the MOST MONEY?
I bet, Bitcoin could end up somewhere near that level. And then, we just resume the trend.
My best bet, after 3-4 months, we are starting to rocket out of bearish territory. In 2013, lowest price point was in July, if we do not count that initial April drop. We may be in for a VERY BIG October or November. We will just have to see!
TA:
Golden cross on Daily. 50MA sinking under 100MA. Bad for price future. Bearish.
200MA broken. Previous support becomes resistance. Price bounces off 200MA downwards. Bearish.
500MA untouched. This would be ideal level for the next retrace, or final retrace, as it hits previous ATH. I would say Bullish at this point, but we would have to re-chart if it does reach this point. TBD.
