Bitcoin is very likely to move to $10,000+ in December 2019, but before we go there, can it go lower now?
Bitcoin (BTCUSD) printed a full bearish candle to break below $8,000, reaching a low at $7394. Now, this candle is still active today so the next move really depends on the daily candle close since we are looking at this timeframe.
We are likely to see additional bearish action before Bitcoin bounces and starts to move up.
The low can be set late Nov. or early Dec. with the goal of reaching $10,000+ after Bitcoin bounces and starts to move back up.
This is just one scenario, my main view at the moment... Additional details can be found on the chart.
Thanks a lot for reading and for your continued support.
Technically it should go down to 5.5k. But I have a feeling that manipulators will pump it to burn all the shorts. Then drop it again. I have noticed that when TA is sure and clear, BTC does the opposite.
AlanSantana
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@nagihatoum, "I have noticed that when TA is sure and clear, BTC does the opposite."
I've seen something similar happen...
TradingShot
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Good Job Alan. I continue trading within the very same Channel Down using the LMACD.
seba26-77
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Anpu
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Good Idea!
Personally I think the downtrend will continue for Mid Term. Heikin-Ashi chart type confirms that we have a deal with a downtrend, which is one more bearish sign. Also in my previous idea I said that downtrend was confirmed. There are a lot of bearish signs.
Would be great to hear your opinion on this