This is the only reason why I am out of the crypto market right now. All technical indicators I use (Boll bands, MVA, MACD, RSI, stochastic RSI, EMA, WMA and others) are trending bullish, however, this is stronger than TA. This is human psychology. If institutional money doesn't hold BTC above 6K, there is no doubt in my mind it is going to 4,000-4,500. If it gets there, I will load the boat. People commonly compare 2013, 2014, 2015, 2016, and 2017 BTC charts to 2018. However, I think all years are invalid except 2014 - early 2015, because there was no exponential at any other time like there was in late 2017. If history repeats itself, BTC is headed to 4,000 no doubt. If institutions buy in, it will be held above 6,000 and I will be back in. Credit to Giorgioversace for the chart.
Note
So far, this comparison is spot on. If bulls do not wake up very soon, we will plummet below 5K. Based off the chart, BTC could definitley be headed lower than $4000. My personal bottom prediction is $3036. Even though most of myself does not think it will get that low, the charts do not lie, and that region supplies long term support and would be very close to the 2014-2015 exponential spike and extreme correction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.