Bitcoin - Death and Glory

12 พ.ย. 2022

Hello,

this is an Update to my last two Bitcoin ideas.

1.

2.

So far Bitcoin followed the way as shown in these ideas and i am currently looking for Short opportunities for the next leg down.

Short explanation as mentioned in the last two ideas.
Bitcoin price moves similiar to the 2017/2018 swing:
- Orange circle: Generate a top
- Downbreak to the 50% Fib (Blue circle)
- Red circle: Take out resistance that was generated by around that top / stopped the uptrend
- Downfall to the 23% Fib (orange rectangle) and genrate a Swing (but no break in MS)
- Retesting orange rectangle a few times and downfall
- Downbreak to the 50% Fib

So whats next: To consider a short i would want the weekly close below the orange level aiming for the Green rectangle.

I will buy Bitcoin at the Support level (green rectangle) or on a reclaim and S/R flip of 23k level.

If Bitcoin breaks down to the green rectangle we should see a long low-volume period followed by a retest of 50% - 61% FIb level. Retest again of the green rectangle and start of the next bull cycle. Time wise it could start around Bitcoin havling 2024.

So to recap my plans:
1. I only buy / long on the green rectangle or on a reclaim of 23k
2. Looking for shorts if we see a weekly close/open below the orange rectangle.



Good luck


Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)