BitcoinLong
Bitcoin Price Recovery
Macro Analysis:
Bitcoin’s bottom has been found and price is recovering.
Price Prediction:
Bitcoin will breakout above $4,000, and subsequently $4,200. It will then run until the $5,000 - $5,400 range where it will find new resistance.
Explanation of Chart:
Line 1 $6,800 (Red): Valid, Strong, Mid-Term, Flat Resistance
Verified by ranges next to points 1.a., 1.b., 1.c., & 1.d.. Point 1.d. is especially important because the flat resistance met with the descending resistance (Line 2). When this occurred, the bulls made a breakout attempt (October 15th), but the bears were able to drop the price back below the descending resistance by EOD.
Line 2 (Orange): Invalidated Strong Long-Term, Descending Resistance
This line WAS the most important line of the entire bear market. It had many touchpoints (ie: point 2.b.) where it was able to suppress breakouts. On Feb 19th this line was broken, and the bears reclaimed it Feb 24th with a massive 1D dump. But they failed to continue the sellside pressure and the line has since been invalidated. This is a massive bull indicator.
Line 3 $4,200 (Red): Valid, Short-Term, Flat, Resistance
Verified by ranges next to points 3.a., 3.b., and 3.c..
Line 4 (Green): Mid-Term Ascending Support
Many people believe that December 15th was the bottom of the bear market. This line acted as support at point 4.a., but has yet to be tested again.
Line 5 (Green): Short-Term Ascending Support
This IS the most important line in play. It has been validated multiple times in ranges next to points 5.a. and 5.b. and has acted as a strong support. Expect this line to support the short-term recovery of BTC price.
Bitcoin’s bottom has been found and price is recovering.
Price Prediction:
Bitcoin will breakout above $4,000, and subsequently $4,200. It will then run until the $5,000 - $5,400 range where it will find new resistance.
Explanation of Chart:
Line 1 $6,800 (Red): Valid, Strong, Mid-Term, Flat Resistance
Verified by ranges next to points 1.a., 1.b., 1.c., & 1.d.. Point 1.d. is especially important because the flat resistance met with the descending resistance (Line 2). When this occurred, the bulls made a breakout attempt (October 15th), but the bears were able to drop the price back below the descending resistance by EOD.
Line 2 (Orange): Invalidated Strong Long-Term, Descending Resistance
This line WAS the most important line of the entire bear market. It had many touchpoints (ie: point 2.b.) where it was able to suppress breakouts. On Feb 19th this line was broken, and the bears reclaimed it Feb 24th with a massive 1D dump. But they failed to continue the sellside pressure and the line has since been invalidated. This is a massive bull indicator.
Line 3 $4,200 (Red): Valid, Short-Term, Flat, Resistance
Verified by ranges next to points 3.a., 3.b., and 3.c..
Line 4 (Green): Mid-Term Ascending Support
Many people believe that December 15th was the bottom of the bear market. This line acted as support at point 4.a., but has yet to be tested again.
Line 5 (Green): Short-Term Ascending Support
This IS the most important line in play. It has been validated multiple times in ranges next to points 5.a. and 5.b. and has acted as a strong support. Expect this line to support the short-term recovery of BTC price.
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