Bitcoin - Death and Glory

2022年11月12日

Hello,

this is an Update to my last two Bitcoin ideas.

1.

2.

So far Bitcoin followed the way as shown in these ideas and i am currently looking for Short opportunities for the next leg down.

Short explanation as mentioned in the last two ideas.
Bitcoin price moves similiar to the 2017/2018 swing:
- Orange circle: Generate a top
- Downbreak to the 50% Fib (Blue circle)
- Red circle: Take out resistance that was generated by around that top / stopped the uptrend
- Downfall to the 23% Fib (orange rectangle) and genrate a Swing (but no break in MS)
- Retesting orange rectangle a few times and downfall
- Downbreak to the 50% Fib

So whats next: To consider a short i would want the weekly close below the orange level aiming for the Green rectangle.

I will buy Bitcoin at the Support level (green rectangle) or on a reclaim and S/R flip of 23k level.

If Bitcoin breaks down to the green rectangle we should see a long low-volume period followed by a retest of 50% - 61% FIb level. Retest again of the green rectangle and start of the next bull cycle. Time wise it could start around Bitcoin havling 2024.

So to recap my plans:
1. I only buy / long on the green rectangle or on a reclaim of 23k
2. Looking for shorts if we see a weekly close/open below the orange rectangle.



Good luck


Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)