First time publishing an idea so don't murder me please.
Currently looking to short but ultimately looking for a long opportunity when we come down some. -- Couldn't quite make $9,000 but overall $8,900 is not far off. BTC has had great movement since Dec.17th with tomorrow being a month since $6,500 which is roughly 36%. I have seen some conversations on here that around Chinese New Year (Jan.25th) in the past years of BTC life span being the cause for downward movement anywhere between 15-50% so if that is true it coincides with this idea.
Since the end of June 2019 BTC has obviously been in a down trend but since we broke that trend line on Jan. 14th two days ago I believe that resistance will turn and act as support on our way down as BTC figures out a Fib level for support.
The 200MA on the 1 day time frame looks like its going to act as resistance passing through the projected path I've drawn out for an idea until a possible retest of the uptrend sitting around the price of $7,650 and would be about a 15% downward movement at the 0.618 Fib retracement if we go that low.
A third touch at that level would also bring more confidence in that trend as support and continue this bullish movement which would take us through the 200MA finally sending us to $10,400 which would be another 36% roughly from $7,650. --- considering we just moved that much in the past 30 days another 30 days from now would bring us around Feb. 15th.
From the resistance at 10,400 we would come down for a small correction and go sideways for a bit to consolidate and get closer to the Bitcoin halving in May. I think at that time due to bitcoin going from 6,500 to around 10,000 the date of the halving coming up will just cause FOMO and drive us up to retest 13,800 then maybe reach the ATH at 19,700 at the end of 2020.
The bars pattern in light blue was taken from the dates December 23rd to January 15th for the projected path if you wanted to know.
{{{{ If you made it all the way through thanks for taking the time to read the idea! }}}}
Since the end of June 2019 BTC has obviously been in a down trend but since we broke that trend line on Jan. 14th two days ago I believe that resistance will turn and act as support on our way down as BTC figures out a Fib level for support.
The 200MA on the 1 day time frame looks like its going to act as resistance passing through the projected path I've drawn out for an idea until a possible retest of the uptrend sitting around the price of $7,650 and would be about a 15% downward movement at the 0.618 Fib retracement if we go that low.
A third touch at that level would also bring more confidence in that trend as support and continue this bullish movement which would take us through the 200MA finally sending us to $10,400 which would be another 36% roughly from $7,650. --- considering we just moved that much in the past 30 days another 30 days from now would bring us around Feb. 15th.
From the resistance at 10,400 we would come down for a small correction and go sideways for a bit to consolidate and get closer to the Bitcoin halving in May. I think at that time due to bitcoin going from 6,500 to around 10,000 the date of the halving coming up will just cause FOMO and drive us up to retest 13,800 then maybe reach the ATH at 19,700 at the end of 2020.
The bars pattern in light blue was taken from the dates December 23rd to January 15th for the projected path if you wanted to know.
{{{{ If you made it all the way through thanks for taking the time to read the idea! }}}}
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