As you can see in the chart I have marked 3 areas in the chart which I consider to be important areas in our recent price action. In the first area you can these gigantic green candles. When Bitcoin is having a major runup it often pulls back to the levels where the huge green candles are. I think it should not surprise anyone that these candles have to be resolved before we can continue this amazing runup we are having.
I can definitely see BTC just keep going to 6k or even more without major dip but there are 2 reasons why I publish this chart.
The first reason is that the area of the biggest candles aligns with important Fib Level.
The second reason is that we recently left our main upward support we had since 5k.
THIS MIGHT BE NOTHING. But I feel like if we don't get back on track soon. We might get a little pullback to the area shown in the chart.
I am not telling you to sell your Bitcoin or even short! But if you are thinking about getting some more of it: You can use this idea to set up some Limit Orders. If it gets triggered: Great! You got yourself some cheaper BTC. If not: At least you were prepared!
In case 4900 doesn't hold, I would also recommend setting up some buy orders around 4600 and 4400.
I believe we will see another ATH before it reaches your buy zone, actually if history repeats we will see two new ATH in the next two weeks. First will be a blast from current 5600 to 6k, then pullback to 5200-5500 again, then blast to 6500+ for another ATH. That second one is where the bears moved in last time and dropped the price by almost half.
Bears are coming at some point and im ready, but the similarities between this bull run and the last are astounding. If it does a small new ATH in the next 48 hours, there will be the 5500 pullback then will continue to 6500 - 7k at which point the bears move in and drop the price creating the buying opportunities Bitcoin needs to continue upwards.
m0th
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@ruraldisturbance, You could be perfectly right on that one. Many say this little pullback to 5400 is already enough to go for 6k ++. Like I said, my idea is just to help people think about some possible areas to set up buy orders.
Thanks a lot for your input and good luck!
ruraldisturbance
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@m0th, Yeah man, your right about the current pullback its enough to go to 6k right now. Im sitting pretty man, I had a glorious selloff last night @5800 that has had me on cloud 9 ever since. Im on the buying end now waiting out your buy zone. For me personally, I will set limit order to $4000 with 75% of my cash, I leave 25% for market orders in case it gets triggered. I lurk a lot here on TV finding posts like yours and each post gives me new ideas about future price movements, so I appreciate it! Thanks for the reply, good post!
Bears are coming at some point and im ready, but the similarities between this bull run and the last are astounding. If it does a small new ATH in the next 48 hours, there will be the 5500 pullback then will continue to 6500 - 7k at which point the bears move in and drop the price creating the buying opportunities Bitcoin needs to continue upwards.