BTC found local bottom at 6.5k recently and where to go from 6.5k is hard problem because either scenario is equally plausible.
1. Scenario 1 : Going 8.5kish from here
- 2014 Bitcoin chart showed double bottom around previous low and returning to mean of descending channel happens.
- Current setup is similar to 2014 scenario. But this case, another drop to make lower low is likely to happen if we are following fractal
- Buy when break strategy (If you are careful enough, must validate if it's false break out or not with your own standards)
2. Scenario 2 : Going 5.5kish from here
- Making lower low from there, It will attract many more real buyers
- Pattern found on Nasdaq crash pattern
- Issues around mid April.
- Accumulate under 6k strategy
Two are equally plausible and current price sideway action tells that lot of seller and buyers are confused right now. Problem is simplified if you give up searching the exact bottom. It's not late to watch the market and then react. Market will stay the same forever and there will be plenty of opportunities in the future.
No market go down forever or go up forever. Clearly, bitcoin found it's potential at 19k in 2017. Since bitcoin jumped high, now finding it's bottom. We have to check where we land foot before we jump to the sky right?
1. Scenario 1 : Going 8.5kish from here
- 2014 Bitcoin chart showed double bottom around previous low and returning to mean of descending channel happens.
- Current setup is similar to 2014 scenario. But this case, another drop to make lower low is likely to happen if we are following fractal
- Buy when break strategy (If you are careful enough, must validate if it's false break out or not with your own standards)
2. Scenario 2 : Going 5.5kish from here
- Making lower low from there, It will attract many more real buyers
- Pattern found on Nasdaq crash pattern
- Issues around mid April.
- Accumulate under 6k strategy
Two are equally plausible and current price sideway action tells that lot of seller and buyers are confused right now. Problem is simplified if you give up searching the exact bottom. It's not late to watch the market and then react. Market will stay the same forever and there will be plenty of opportunities in the future.
No market go down forever or go up forever. Clearly, bitcoin found it's potential at 19k in 2017. Since bitcoin jumped high, now finding it's bottom. We have to check where we land foot before we jump to the sky right?