BITCOIN | Will the end of 2018 be repeated?
Hi,
Before the weekend, I would like to quickly point out similarities from last year's movements around this time (end of the year). The last year's dump started in the first half of November, this year's slow grinding downwards started also in the first half of November.
2018 falling found a short-term bottom around 24-25. November
2019 falling has found a short-term bottom 24-25. November.
The last year's "dead cat bounce" ended at 1. December. At the moment, I cannot say that this current price action is a dead cat bounce but currently, it moves to the area where it is capable to go back to the lower levels.
$8,000 was a pretty strong support level in Sept.-Oct. which should start to work as a resistance. Let's see, firstly the price has to climb a bit higher to the mentioned resistance but we have a slight indication from last year which should give a confirmation that it may do that so, the first prediction should drive the price around 8k. Considering last year's pattern then the 8k should push the price down, at least to the 6k. Those, who have been around the crypto for more than 1 year then they should know how important was the 6k in mid of 2018's and the mentioned seasonal pattern guides the price exactly to this level.
Okay, let's talk a bit more specifically about technical criteria, firstly 8k resistance:
1) As said, it worked perfectly as a support, which should now start to work as a resistance.
2) Weekly EMA50 is currently exactly $8,000, also should act as a resistance.
3) Tiny but still, the round number itself 8,000
4) Fibonacci Extension 38% - if the pressure and the momentum are high then this level should work perfectly as a resistance.
5) Fibo Extensions are also around the 8k
6) Seasonal pattern
...and this seasonal pattern should guide the price from 8k to $6,000.
This 6k is not just a round number, there are also other criteria which can pump the price to a higher level. Historically, we have seen some pumps in December and hopefully, this year is not an exception.
Comparing the seasonal pattern with the strong areas around the current price than those matching almost perfectly. It looks interesting and let's see how it's gonna play out.
If the price reaches around 8k or around 6k then I would like to give out some trading ideas but at the moment, this is currently just a prediction and one possible scenario from thousands of scenarios.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
Before the weekend, I would like to quickly point out similarities from last year's movements around this time (end of the year). The last year's dump started in the first half of November, this year's slow grinding downwards started also in the first half of November.
2018 falling found a short-term bottom around 24-25. November
2019 falling has found a short-term bottom 24-25. November.
The last year's "dead cat bounce" ended at 1. December. At the moment, I cannot say that this current price action is a dead cat bounce but currently, it moves to the area where it is capable to go back to the lower levels.
$8,000 was a pretty strong support level in Sept.-Oct. which should start to work as a resistance. Let's see, firstly the price has to climb a bit higher to the mentioned resistance but we have a slight indication from last year which should give a confirmation that it may do that so, the first prediction should drive the price around 8k. Considering last year's pattern then the 8k should push the price down, at least to the 6k. Those, who have been around the crypto for more than 1 year then they should know how important was the 6k in mid of 2018's and the mentioned seasonal pattern guides the price exactly to this level.
Okay, let's talk a bit more specifically about technical criteria, firstly 8k resistance:
1) As said, it worked perfectly as a support, which should now start to work as a resistance.
2) Weekly EMA50 is currently exactly $8,000, also should act as a resistance.
3) Tiny but still, the round number itself 8,000
4) Fibonacci Extension 38% - if the pressure and the momentum are high then this level should work perfectly as a resistance.
5) Fibo Extensions are also around the 8k
6) Seasonal pattern
...and this seasonal pattern should guide the price from 8k to $6,000.
This 6k is not just a round number, there are also other criteria which can pump the price to a higher level. Historically, we have seen some pumps in December and hopefully, this year is not an exception.
Comparing the seasonal pattern with the strong areas around the current price than those matching almost perfectly. It looks interesting and let's see how it's gonna play out.
If the price reaches around 8k or around 6k then I would like to give out some trading ideas but at the moment, this is currently just a prediction and one possible scenario from thousands of scenarios.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
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