BTC will go down before it goes up

5 Mar

BTC is at ATH levels already without taking a breath on the way up. I believe we will see some heavy sell pressure at these levels which will push the price down for now. Here's some of my reasoning:

• BTC has seen a sharp rise since the beginning of this year with no time for it to breathe.
  
• Cyclically, ATH breakout occurs November of this year which is still 8 months away.
  
• Volume is low
  
• Orderbook has lots of sell orders at 70k.
  

15 Tem

Not

Looking good for October-November breakout

5 Ağu

Not

A significant support level has been reached. This is a great spot to go long

9 Ağu

Not

Sharp recovery from support

14 Eki

Not

I believe BTC has seen it's last leg of downwards consolidation and we will only see upwards movement from now on into the next parabolic run.

20 Kas

İşlem aktif

Breakout. Next resistance 105-110k

18 Ara

Not

BTC could potentially see a sell off here as price approaches 110k. This is a key level as it represents the top of the fib extension. Timing the consolidation periods is tough during a bull market, so price may clear this zone. However, price action has been choppy up to this point so I think the market wants to sell off. regardless, this is a no-trade zone.