What if this is what is coming next???
Are you financially prepared if all this chopping around $10k is THE PULLBACK?
Price either corrects in time or in percentages.
We have been chopping around this $10k level for months now, which means it is entirely possible this is working off the move from the $3.8k lows without having to dip much...
If that is indeed the case, could something like this be coming next?
(Source: ~~~ embed:1271563000240050177) twitter metadata:Q3J5cHRvS2FsZW98fGh0dHBzOi8vdHdpdHRlci5jb20vQ3J5cHRvS2FsZW8vc3RhdHVzLzEyNzE1NjMwMDAyNDAwNTAxNzcpfA== ~~~
But wait, anyone can just draw some squiggly lines on a chart and say this is what is coming next...
Sure they can, that's why this isn't just some squiggly lines drawn on a chart..
It's a fractal based on the price action back in late 2017.
The timing as it relates to the halving cycle doesn't line up in terms of a top, but in terms of the start of our parabolic rally, the fractal is interesting.
That being said, you could also draw some squiggly lines like this:
(Source: ~~~ embed:1271617119151706112) twitter metadata:QlRlbWVsYWtpZXZ8fGh0dHBzOi8vdHdpdHRlci5jb20vQlRlbWVsYWtpZXYvc3RhdHVzLzEyNzE2MTcxMTkxNTE3MDYxMTIpfA== ~~~
That one is not near as fun, though keep in mind that one is literally just some squiggly lines on the chart not based on any fractals or anything else really.
Literally just some squiggly lines.
One thing to keep in mind on all this is that lines matter...
Look where the lines are drawn on that first chart posted above, talking about a long term breakout...
Others have drawn their lines showing we have already broken out of that downtrend and have basically pulled back within that range, possibly indicating a fake out/bull trap, or even just some throwback after a breakout.
Either way, it shows that charting and line drawing can be extremely subjective.
One man's double top is another man's weakening resistance line.
All that being said, I still think we are going to see a bit of a dip here as the stock market is likely to pull back and drag bitcoin down to some degree as well.
There is a ton of support in the $7k-$8k range and if that were to break, there is also a ton around the $6k level.
If we do get a sizable correction, I highly doubt it goes below $6k.
In fact, I'm already getting my just-in-case buys executed just in case we don't get a sizable dip...
https://hive.blog/hive-167922/@jrcornel/the-just-in-case-buy
Are you prepared?
Stay informed my friends.
-Doc
As BTC is still heavily correlated with the DJI I think the second scenario is more likely. Stocks will probably drop again which will take BTC down (at least in the short to mid term). If anything the breakout should have happened with the latest stock rally. Other points to consider are the correction after halving events and the curious likelihood of BTC rallying in the time of new years.
The first scenario is probably going to happen, but delayed. My guess is that the rally will start at the end of this year.
Seems like a very plausible scenario. The only caveat to this is that bitcoin actually hasn't been trading with stocks as of late. The correlations broke about a month ago, though it could also just be that correlation only broke when stocks went up because bitcoin couldn't break through the $10k resistance area, which seems very possible.
That being said, I think there is a scenario where stocks go down and bitcoin goes up. If you noticed during this recent route, not only did stocks and bitcoin sell off but gold took a hit too, similar to what happened back in March where everything sold off. I suspect that was more of an initial reaction and if there is a prolonged draw down in the stock market I think bitcoin and gold could outperform.
well I guess a plausible idea would be to assume that once people realize that we are just printing money non stop, fiat currencies (especially the dollar) will lose ever more value. So I could see people looking for alternatives and bitcoin wouldn't be far away in that regards
Agree. I hope we get a correction to 7k lvl and form and inverse h&s pattern before breaking 10,5k. Would like a breakout to christmas and maybe we will see 20k in 2021 and a new ATM earliest in 2022. But some people still talking about a C-wave to 2k.. what you think? -Chris
I would be shocked if we see $2k again, ever.
Hehe yea me2, but maybe that's why it will happen.. who knows time will tell :)
I actually have buying orders all the way down to 4.8k. We'll see how it goes 😅
Hehe nice, I got filled out of the blue on the corona dump :) Been just swing trading alts for 2 month, as they have been testing the breakdown from july 2019.
Lot's of people are making a big deal about $10500.
2020 Bitcoin Doubling Curve
The doubling curve will automatically break $10500 in August if it stays relevant.
Personally I've been thinking July/August will be our time.
Didn't this trend break though late last year? It proved to be more of a range than hard and fast numbers, no?
Yeah when something crazy happens it can break under the curve, but it only stays under the curve for like under a month max. When above the curve, it always makes a return within a year. We've been hovering very near the curve for a very very long time now. In fact right now we are sitting directly on it once again.
Because everyone is obsessed with this $10500 level, the curve breaking above it will be pretty significant imo. It also seems to line up with these over fractals and other predictions as well.
The next 2 weeks should be telling.
Yep. We have been going sideways basically for months now. We are going to break one way or the other and it's probably coming to a head within the next couple weeks.
Going down to $6k doesn't sound good but that's where I say one should always understand the market before putting in their money.
Posted Using LeoFinance
Markets tend to go where the least amount are positioned for it to go... unfortunately.
Nice
Thanks.
I'm looking for a correction before i go all in. I hope to see btc around 7k :P
That level would be a major green light for me as well.
I am also waiting for this one more dip to around 6K to 7K. I guess in the next 2 to 3 months it should if it has to
That is my hope as well.
It will depend on stocks. If stocks see another major drop, we'll do the same.
hyped
I could see this as well, depending on the severity and velocity of a stock market drop. If we see more 2k point drops, btc will get hammered... But, if it's more of a gradual and orderly pullback in stocks, I could see a scenario where gold and bitcoin outperform.
i'v said 3 months after hard fork 15k . the rest in between just noise
It's certainly possible.
Always keep some powder dry. If you don’t want to trade just try to average. Personally, I’m waiting a bit until my charting singles something.
Same position I am in... I am not a great momentum trader. I prefer to buy dips than to jump in when the price is going up. I always manage to nail the tops when I do that. :)
I'm not ready to see BITCOIN back at $ 3,800
I don't think we will, possibly ever again.
The coming weeks are more important...Let's see where does the flow go!!