The Apex of Bitcoin
Hello all, I hope everyone is well as it has been a rough year.
It has been a while since I have posted a TA so I thought I would share what I had in mind.
Point 1. In my opinion this is the point that we should of had a correction in order to sustain the growth that we was having, This point would have been a 157% price increase from the previous correction putting us just under $14,000.
Point 2. This would have roughly been the bottom of the correction, with a price point of $10,334 and a percent decrease of 25%. As you can see the increase and decrease in percentages are lowering and would have continued to do so until BTC found a price point in which it settled at, becoming more stable. (This is just my opinion on what would have happened, there is no way of telling for sure if any of what I’m saying would have worked out, so please don’t take it literally)
Point 3. Due to all the hype surrounding Bitcoin and Cryptocurrencies we pushed 40% higher from the point that I believe we should have had a correction (Point 1). This wasn’t natural and we was growing too fast in such a short period of time, we was never going to sustain such growth and the longer we broke past this point the worse the correction/crash would have been.
Point 4. The crash, as mentioned in point 3 the more we increase passed point 1 without having a correction the more severe the crash would have been, the two previous corrections were 39.29% and 31.64%, the current bottom puts us at a 71.07% decrease.
Point 5. This shows the time frame from when the run started to when it ended, it also shows the time frame from when the crash started, to the Apex of the current pattern that we are in.
Point 6. This is the main trend line which runs from the beginning of the bull run (25th March 2017), as you can see we are close to testing it, if we break down when we hit the apex the price point for the trend line will be at $5,862.
Now for my opinion on it all. First things first, I didn’t do this TA to tell you its going to go one way or the other, I have done it to share my opinion and for others to use it as they will.
We are getting closer to the apex of the current pattern that we are in, the date that I have is the 15th November 18 and there is a lot of speculation as to what will happen with mixed opinions across the board.
There are people who think we will fall and test the $3,000 mark and I would like to note that I can also see this price point as a level based on previous crashes but I do not personally believe we will hit this level, as this industry has NEVER been fundamentally stronger than it is now, while the majority have been panicking about the price the foundations for this industry have been getting stronger and stronger. I am not going to get into fundamentals on this post as I could go on and on, but if you take some time and research whats going on in this industry rather than just focusing on the price you’ll soon understand how its getting stronger.
There are also people who believe we will break out and test the $10,000 mark, I do not believe this will be the case as I feel that investors need more time to regain trust in this market and a straight run up from here wouldn’t be healthy.
I personally believe we will break out and test the $8,500 level within a few weeks then continue a steady growth with pull backs/corrections along the way, while eventually regaining the trust from the general investor. (I would like to note that it’s worth keeping an eye on the main trend line as its possible that we hit this level before testing the $8,500)
This is simply my opinion so please take it as a pinch of salt, do not make any financial investments/trades based on my opinion and make sure you always do your own research.
Any feedback is welcome, if you see a fault in my chart or if you believe I have missed something please say so others can see, also if you have an idea or opinion on what BTC will do feel free to mention it. There are a few other points that I have in mind, but I’m low on time so I may add a few more points in the comments over the next few days. I hope you found this useful or interesting.
It has been a while since I have posted a TA so I thought I would share what I had in mind.
Point 1. In my opinion this is the point that we should of had a correction in order to sustain the growth that we was having, This point would have been a 157% price increase from the previous correction putting us just under $14,000.
Point 2. This would have roughly been the bottom of the correction, with a price point of $10,334 and a percent decrease of 25%. As you can see the increase and decrease in percentages are lowering and would have continued to do so until BTC found a price point in which it settled at, becoming more stable. (This is just my opinion on what would have happened, there is no way of telling for sure if any of what I’m saying would have worked out, so please don’t take it literally)
Point 3. Due to all the hype surrounding Bitcoin and Cryptocurrencies we pushed 40% higher from the point that I believe we should have had a correction (Point 1). This wasn’t natural and we was growing too fast in such a short period of time, we was never going to sustain such growth and the longer we broke past this point the worse the correction/crash would have been.
Point 4. The crash, as mentioned in point 3 the more we increase passed point 1 without having a correction the more severe the crash would have been, the two previous corrections were 39.29% and 31.64%, the current bottom puts us at a 71.07% decrease.
Point 5. This shows the time frame from when the run started to when it ended, it also shows the time frame from when the crash started, to the Apex of the current pattern that we are in.
Point 6. This is the main trend line which runs from the beginning of the bull run (25th March 2017), as you can see we are close to testing it, if we break down when we hit the apex the price point for the trend line will be at $5,862.
Now for my opinion on it all. First things first, I didn’t do this TA to tell you its going to go one way or the other, I have done it to share my opinion and for others to use it as they will.
We are getting closer to the apex of the current pattern that we are in, the date that I have is the 15th November 18 and there is a lot of speculation as to what will happen with mixed opinions across the board.
There are people who think we will fall and test the $3,000 mark and I would like to note that I can also see this price point as a level based on previous crashes but I do not personally believe we will hit this level, as this industry has NEVER been fundamentally stronger than it is now, while the majority have been panicking about the price the foundations for this industry have been getting stronger and stronger. I am not going to get into fundamentals on this post as I could go on and on, but if you take some time and research whats going on in this industry rather than just focusing on the price you’ll soon understand how its getting stronger.
There are also people who believe we will break out and test the $10,000 mark, I do not believe this will be the case as I feel that investors need more time to regain trust in this market and a straight run up from here wouldn’t be healthy.
I personally believe we will break out and test the $8,500 level within a few weeks then continue a steady growth with pull backs/corrections along the way, while eventually regaining the trust from the general investor. (I would like to note that it’s worth keeping an eye on the main trend line as its possible that we hit this level before testing the $8,500)
This is simply my opinion so please take it as a pinch of salt, do not make any financial investments/trades based on my opinion and make sure you always do your own research.
Any feedback is welcome, if you see a fault in my chart or if you believe I have missed something please say so others can see, also if you have an idea or opinion on what BTC will do feel free to mention it. There are a few other points that I have in mind, but I’m low on time so I may add a few more points in the comments over the next few days. I hope you found this useful or interesting.
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