The question on everyone's mind is where and when will Bitcoin bottom. With this analysis I wanted to look at both price and time.
The first thing we can see is that Bitcoin has been respecting (closing above on a weekly scale) a trendline from the $63 low in July 2013. This trend line was tested and respected again at $152 Jan 2015 (previous bear market bottom), and $198 August 2015.
If the 200 week MA does indeed breakdown (~$3200), where will Bitcoin find support and possibly bottom? If we look at this trendline, we can see that it intersects with a key level in Bitcoin's price history at the $1850-$1900 level in late May-early June. In the summer of 2017 during the heated scaling debate Bitcoin crashed from $3000 and found support at $1800 after it was confirmed that Segwit would be added to the protocol. This is a key level in Bitcoin's history.
Now if we look at time - using the Fibonnaci time zone analysis we see that Bitcoin bottoms between the 1.5-1.618 time zones. If we take the swing lows and swing highs on a macro level we see that during the previous bear market in 2015, Bitcoin bottomed right between the 1.5 and 1.618. Now if we look at the current environment, the 1.5-1.618 time zone places us May and September 2019. These date are very interesting because it also intersects with Bitcoin's historic trendline.
I'll end this analysis with my personal prediction. I think that Bitcoin will ultimately bottom around $1500 and close the week at around $1900. The $1350 level is the only level that has never been fully retested, but I do think it will get front run since there is a lot of money waiting on the sidelines for lower prices.
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.