BitcoinLong
Bitcoin crashed - When and where is the bottom?
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In my previous idea based on 1 day chart, I've told a case that BTC might down to nearly 3000 USD. In this idea I will explain fully how it is possible.
This TA based on weekly chart
- The first, look at fibo channel uptrend we can see the price has fully upward movement. When it passed Fib channel 2.0, it was began move to bubble zone.
- After fully upward movement, it must be correction. We have 2 step for correction.
The began of this movement is bottom on March 26, 2017 at 887.59 USD and top off this moving without bubble zone is 11800 USD.
Make a Fibo Retracement, we might see fib 0.236 is around 3500 USD. That is confirmed by bottom of the candle on, 21/08, 11/9, 21/09, 25/09 (2017).
Now look at the downtrend line 2, we can see it hit support zone at this level price of 3600 USD on around April 30, 2018.
So, what to do now?
Please note that you can consult this TA but you have to make he investigate carefully. Do follow my TA also have risk, I'm not always right.
But if you decide to use my TA, I recommend to put a pending order at 3700-3900 USD and wait to my update.
Thanks and sorry for my bad English.
This TA based on weekly chart
- The first, look at fibo channel uptrend we can see the price has fully upward movement. When it passed Fib channel 2.0, it was began move to bubble zone.
- After fully upward movement, it must be correction. We have 2 step for correction.
- Step 1: Correction for bubble zone.
The price was down from ATH to previous bottom, it's 6000 USD level. This step was took on 2 swing: 1-2, 3-4 on the Elliot waves model.
- Step 2: Correction for normally up-down zone.
It works on 4-5 swing on Elliot waves model.
The began of this movement is bottom on March 26, 2017 at 887.59 USD and top off this moving without bubble zone is 11800 USD.
Make a Fibo Retracement, we might see fib 0.236 is around 3500 USD. That is confirmed by bottom of the candle on, 21/08, 11/9, 21/09, 25/09 (2017).
Now look at the downtrend line 2, we can see it hit support zone at this level price of 3600 USD on around April 30, 2018.
So, what to do now?
Please note that you can consult this TA but you have to make he investigate carefully. Do follow my TA also have risk, I'm not always right.
But if you decide to use my TA, I recommend to put a pending order at 3700-3900 USD and wait to my update.
Thanks and sorry for my bad English.
Nota
TA with MACD 12 and RSI 12
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