Why I Have Been So Bearish
Updated
Self explanatory, same trend line used in other analysis in the past as our absolute max for any bullish momentum. Before we turn absolute bull again we will bottom out conservatively around 4.5.
2019 low was just around 3.4, 3-4% higher than the previous year's low.
Comparing yearly lows we can see a rise in yearly lows overall which should not be news to anyone.
So in 2020 we will see 3.5 as absolute bottom ( I cannot see anything lower on a weekly candle but still possible), 4-4.5 conservative target and then the halving will make a great case for the next bull run. Do not expect any significant new highs until 2021 but we will see the beginning of something big.
Good luck to everyone, lets make 2020 the best year yet!
2019 low was just around 3.4, 3-4% higher than the previous year's low.
Comparing yearly lows we can see a rise in yearly lows overall which should not be news to anyone.
So in 2020 we will see 3.5 as absolute bottom ( I cannot see anything lower on a weekly candle but still possible), 4-4.5 conservative target and then the halving will make a great case for the next bull run. Do not expect any significant new highs until 2021 but we will see the beginning of something big.
Good luck to everyone, lets make 2020 the best year yet!
Note
Also want to add to this that it can be argued that this is the first big wave towards a much higher target leading up to the halving and the next top thereafter. Regardless we will have to wait and see if history repeats itself or if the market is just that damn stubborn and we are seriously that bull. Who knows, some one may not have to eat their dick in 2020.
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.