Will BTC continue the downward movement?
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Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities.
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I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC Update
#BTC is trading inside this descending channel, and as long as BTC trades inside the descending channel till that BTC will keep falling, To change the trend reversal BTC needs to break out of this channel.
BTC is forming this descending triangle pattern since 145D, as we know this is a bearish pattern, but to conform to any move we need a breakout or breakdown of this pattern.
Support:- 18700$ TO 19000
Resistance:- $20300,$21500,22500
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC Update
#BTC is trading inside this descending channel, and as long as BTC trades inside the descending channel till that BTC will keep falling, To change the trend reversal BTC needs to break out of this channel.
BTC is forming this descending triangle pattern since 145D, as we know this is a bearish pattern, but to conform to any move we need a breakout or breakdown of this pattern.
Support:- 18700$ TO 19000
Resistance:- $20300,$21500,22500
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Nota
Will
BTC drop 50%, like in November of 2018?Many analysts believe that BTC, now at 19k, is similar to
BTC at 6k in November of 2018. They are wrong about this bear market; let's find the most realistic bottom price target for BTC.
The bear market signal appears when:
- The realized price of all long-term holders (blue line) goes over the realized price of all coins (red line) bought
- The BTC price falls below the realized price of long-term holders and the realized price of all coins.
That means when you buy in the red area; you are buying at much better base prices than 12-18 long-term holders. Great!
If we apply the same analysis to the current market, then:
We have been in a bear market for 124 days.
The drop from 6k to 3k is similar to the drop from 30k to 18k.
The percentage drop in the last bear market from 6k to 3k was 50%.
The drop from 30.7k to 18.2k was 41%
A 50% drop from 30.7k would put BTC at 15k (-18% from the current price)
Similar to the 14.7k delta price.
Nota
Nota
#BTC UPDATE
BTC hit the target of the bullish rectangle around $19,700 and got rejected from the previous high resistance.
BTC also breaks out the symmetrical triangle and currently retesting it. A successful retest would confirm a bullish move toward the upper-marked liquidity zone.
If the price came back inside the symmetrical triangle, then that would be considered a fake out, then more consolidation inside the symmetrical triangle could be expected.
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