BTCUSD - Coiling Again! BIG MOVE SOON
Over the last 10-weeks we've seen a period of consolidation in which BTC moving sideways bouncing between the 9k-10k levels. And over the last 6-weeks, we've seen price of BTC coiling - signalling a BIG moving coming by the end of this week. The last time we had a coiling of BTCUSD to this extent was back in the summer and Autumn of 2018 before the BIG sell off all the way down to low-3k levels at the end of 2018.
Right now we have two scenarios as we see a big move in BTC coming in the next day or two. (Time of writing July 15, 2020).
1) Bull case: BTC and alts confirm bull market, pushing past the 2.5-year trend line (see previous post), continuing summer euphoria and finally breaking through 10k towards 11.8k level then
14K and before reaching previous all-time highs of 20k around Q4 2020.
2) Bear case (short-term): this is a more likely or one I'm hoping for at least. The market reject the 2.5-year trend line and drop down towards
87XX then 77xx. Some bears out there analyzing the market see BTC going to 71xx, 68xx or even as low as 61xx. I wouldn't mind seeing the market dip that low - more discount for everyone - but I'm personally targeting 77xx as a more realistic bottom before gradually going back up towards and through the trend line.
SMS Indicator on the weekly also crossed red two weeks ago - possibly signalling an imminent short-term market drop.
This isn't financial advise. This is simply my take on the markets. Please do your own research before any trade, especially at volatile times like these.
Right now we have two scenarios as we see a big move in BTC coming in the next day or two. (Time of writing July 15, 2020).
1) Bull case: BTC and alts confirm bull market, pushing past the 2.5-year trend line (see previous post), continuing summer euphoria and finally breaking through 10k towards 11.8k level then
14K and before reaching previous all-time highs of 20k around Q4 2020. 2) Bear case (short-term): this is a more likely or one I'm hoping for at least. The market reject the 2.5-year trend line and drop down towards
87XX then 77xx. Some bears out there analyzing the market see BTC going to 71xx, 68xx or even as low as 61xx. I wouldn't mind seeing the market dip that low - more discount for everyone - but I'm personally targeting 77xx as a more realistic bottom before gradually going back up towards and through the trend line. SMS Indicator on the weekly also crossed red two weeks ago - possibly signalling an imminent short-term market drop.
This isn't financial advise. This is simply my take on the markets. Please do your own research before any trade, especially at volatile times like these.
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