On the weekly Time Frame, You will notice this symmetrical triangle created by the 2017 XBT Explosion. Triangles are continuation patterns which means: since BTC was on a move up to create this triangle, let the price bounce around against the walls of the triangle for a bunch of months. Between mid fall to mid winter, Expect a bounce from 4K to 5K and then ultimately a 20K retest.
What this means is to find a good place to short this and then go long at the bottom and enjoy the ride. Be sure to take out profits on the way down and on the way up. The Bitcoin HALVING which is taking place in MAY 17, 2020, would provide a great catalyst to propel the price to at least 20k again.
Do not long until btc hits the bottom between 4k - 5k! There is a (blue) 786 Fibonacci line around $4800 which it should bounce of and can use it as support But be careful, because this could even wick to 2700. Layer in your longs and never go all in!
What this means is to find a good place to short this and then go long at the bottom and enjoy the ride. Be sure to take out profits on the way down and on the way up. The Bitcoin HALVING which is taking place in MAY 17, 2020, would provide a great catalyst to propel the price to at least 20k again.
Do not long until btc hits the bottom between 4k - 5k! There is a (blue) 786 Fibonacci line around $4800 which it should bounce of and can use it as support But be careful, because this could even wick to 2700. Layer in your longs and never go all in!