Hello traders, here is my analysis for BTCUSD.
Without a doubt these market conditions are extremely difficult not only from a trade execution perspective but also from a mental perspective.
- You have to stay strong and take each day as an opportunity to learn and grow as a trader.
BTC Makes History
- BTC hit the lowest level in it's history on the weekly RSI.
What does this mean?
- Basically it means BTC is extremely oversold and is overdue for a bounce.
Where could BTC end up by the end of this Bear cycle?
- One of the first posts that i made stated that BTC could hit $20K by the end of the cycle and possibly lower....
- I wasn't expecting BTC to hit this level as quick as it did.
- Being as we are still early in on the bear cycle, this tells me that BTC still has much further downside to go.
- So here are the levels I think BTC will hit.
1) $20K - High Probability
2) $12K - High Probability
3) $10K - Medium Probability
4) Below $10K - Low probability
I think BTC will most likely hit $12K by the end of the bear cycle ad possibly even $10K.
- In my opinion there is a low probability of price trading below $10K but it's very possibly given the current economic conditions.
- Keep this in mind...
This is the worst economy in the USA in over 40 years.
- Meaning since Bitcoin's inception, this is the worst economy it has ever faced by far.
- We don't know what kind of effect that will have on BTC after all is said and done, so don't under estimate how low BTC can go.
Hang in there and don't give up. I've seen thousands of retail traders throwing in the towel, you have to stay strong and be patient. This is what separates the winners from the losers, if you can make it through the worst bear cycle in the history of crypto you can make it through anything in the future. Eventually this will end and BTC will probably have the best rally in its history after this bear cycle is over and it hits the $12K low or whatever it will be.
Thanks everyone and best of luck trading!
Without a doubt these market conditions are extremely difficult not only from a trade execution perspective but also from a mental perspective.
- You have to stay strong and take each day as an opportunity to learn and grow as a trader.
BTC Makes History
- BTC hit the lowest level in it's history on the weekly RSI.
What does this mean?
- Basically it means BTC is extremely oversold and is overdue for a bounce.
Where could BTC end up by the end of this Bear cycle?
- One of the first posts that i made stated that BTC could hit $20K by the end of the cycle and possibly lower....
- I wasn't expecting BTC to hit this level as quick as it did.
- Being as we are still early in on the bear cycle, this tells me that BTC still has much further downside to go.
- So here are the levels I think BTC will hit.
1) $20K - High Probability
2) $12K - High Probability
3) $10K - Medium Probability
4) Below $10K - Low probability
I think BTC will most likely hit $12K by the end of the bear cycle ad possibly even $10K.
- In my opinion there is a low probability of price trading below $10K but it's very possibly given the current economic conditions.
- Keep this in mind...
This is the worst economy in the USA in over 40 years.
- Meaning since Bitcoin's inception, this is the worst economy it has ever faced by far.
- We don't know what kind of effect that will have on BTC after all is said and done, so don't under estimate how low BTC can go.
Hang in there and don't give up. I've seen thousands of retail traders throwing in the towel, you have to stay strong and be patient. This is what separates the winners from the losers, if you can make it through the worst bear cycle in the history of crypto you can make it through anything in the future. Eventually this will end and BTC will probably have the best rally in its history after this bear cycle is over and it hits the $12K low or whatever it will be.
Thanks everyone and best of luck trading!
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.
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.