I think we are days away from seeing another significant move on the BTC price line. We have been side banding long enough to call this a "break" from the violent drop, and the price line could be coiling up and ready for another big break. I think we have a 50/50 chance of a bullish or bearish break. Here's why...
IF the artificial pumping of the US economy on behalf of the government finally gains enough traction that the markets calm down, we're going to see a possible bullish explosion that could take us back to the top of the parallel trading channel. I wouldn't be surprised at all if we saw a run back to the 9000 level. After that point, my eyes would be focused on what happens when we reach the top of the channel. Will the overall bearish trend continue at that point, or will Bitcoin break free and start a new bullish trend?
IF the artificial pumping of the US economy on behalf of the government fails to reverse the stock market slide, we're going to see Bitcoin get dragged down again, as we sail into the uncertainty of just how much damage the Coronavirus emergency is going to end up having on the world economy. A break to the down side could possibly have us testing the previous low of 2018, or worse. Nothing about this chart "guarantees" that we will never fall below the 3150 level. There is always the possibility of dropping down to previous support levels that we see before the all-time runup of 2017.
I have uploaded a new video on the CrytpoPro YouTube channel to illustrate this point. I think it is now safe to say that the "guarantees" on Bitcoin bottom price predictions have gone out the window. The world economy has broken the rules, and uncertainty is now the call of the day. My hope is that we remember this experience years down the road when the action resumes in the positive direction, so that we all have the sense enough to cast doubts when we hear the experts say things like "we'll never ever see Bitcoin fall below this price again! The bottom is IN!"
Watch the video and please comment. This is for your entertainment. For the love of God, don't make any decisions based on what you read on these posts, or what you see in my video or any other.
Carlton Flowers
The CryptoPro
BTC Update Video for March 18th, 2010
IF the artificial pumping of the US economy on behalf of the government finally gains enough traction that the markets calm down, we're going to see a possible bullish explosion that could take us back to the top of the parallel trading channel. I wouldn't be surprised at all if we saw a run back to the 9000 level. After that point, my eyes would be focused on what happens when we reach the top of the channel. Will the overall bearish trend continue at that point, or will Bitcoin break free and start a new bullish trend?
IF the artificial pumping of the US economy on behalf of the government fails to reverse the stock market slide, we're going to see Bitcoin get dragged down again, as we sail into the uncertainty of just how much damage the Coronavirus emergency is going to end up having on the world economy. A break to the down side could possibly have us testing the previous low of 2018, or worse. Nothing about this chart "guarantees" that we will never fall below the 3150 level. There is always the possibility of dropping down to previous support levels that we see before the all-time runup of 2017.
I have uploaded a new video on the CrytpoPro YouTube channel to illustrate this point. I think it is now safe to say that the "guarantees" on Bitcoin bottom price predictions have gone out the window. The world economy has broken the rules, and uncertainty is now the call of the day. My hope is that we remember this experience years down the road when the action resumes in the positive direction, so that we all have the sense enough to cast doubts when we hear the experts say things like "we'll never ever see Bitcoin fall below this price again! The bottom is IN!"
Watch the video and please comment. This is for your entertainment. For the love of God, don't make any decisions based on what you read on these posts, or what you see in my video or any other.
Carlton Flowers
The CryptoPro
BTC Update Video for March 18th, 2010
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Disclaimer
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.