Bitcoin Big Picture
Hey everyone, i have used the daily chart to create a big picture analysis of BTC's price action since 2018.
The indicators and tools i use in this analysis are: stochastic (55,5,3), fibonacci retracement (blue dotted), fibonacci extension (pink dotted), support levels (green), resistance levels (red). The stochastic nicely coincides with the major bounces and reversals of BTC's price action. Of course not all the moves are fully captured using the stochastic, but i think it is rather accurate still in capturing majority of the key moves since 2018.
Just some thoughts on the current price action, BTC just got rejected at the 8500 strong resistance recently. My gut feeling tells me that the bottom is in at 3000. If it isn't, any price below will still be an excellent buying opportunity. I am looking for a final correction to the 5000 support now, which is a confluence of several factors horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement. Before we reach that level, we probably will tumble down the 6500 and 5800 supports first, so it will be a good trading opportunity when we reach those levels.
Do note bitcoin halving will begin in may 2020, i am confident that we will be in the bull market during this period. Global economic slowdown and trade tensions between U.S-China have caused plenty of uncertainty and fall in equities and commodities prices. Institutional investors are definitely looking into the crypto space as an alternative investment, driving up the prices.
If you agree and like my idea, please leave a like. Would love to hear from you too, so do leave me a comment. Thank you! :D
6500 support: horizontal overlap support, 38.2% fibonacci retracement
5800 support: horizontal overlap support, 50% fibonacci retracement
5000 support: horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement (strong support)
3000 support: horizontal swing low support, 100% fibonacci extension
8500 resistance: horizontal swing high resistance, 38.2%, 61.8%, 78.6% fibonacci retracement (strong resistance)
10000 resistance: horizontal swing high resistance, 38.2% fibonacci retracement
The indicators and tools i use in this analysis are: stochastic (55,5,3), fibonacci retracement (blue dotted), fibonacci extension (pink dotted), support levels (green), resistance levels (red). The stochastic nicely coincides with the major bounces and reversals of BTC's price action. Of course not all the moves are fully captured using the stochastic, but i think it is rather accurate still in capturing majority of the key moves since 2018.
Just some thoughts on the current price action, BTC just got rejected at the 8500 strong resistance recently. My gut feeling tells me that the bottom is in at 3000. If it isn't, any price below will still be an excellent buying opportunity. I am looking for a final correction to the 5000 support now, which is a confluence of several factors horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement. Before we reach that level, we probably will tumble down the 6500 and 5800 supports first, so it will be a good trading opportunity when we reach those levels.
Do note bitcoin halving will begin in may 2020, i am confident that we will be in the bull market during this period. Global economic slowdown and trade tensions between U.S-China have caused plenty of uncertainty and fall in equities and commodities prices. Institutional investors are definitely looking into the crypto space as an alternative investment, driving up the prices.
If you agree and like my idea, please leave a like. Would love to hear from you too, so do leave me a comment. Thank you! :D
6500 support: horizontal overlap support, 38.2% fibonacci retracement
5800 support: horizontal overlap support, 50% fibonacci retracement
5000 support: horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement (strong support)
3000 support: horizontal swing low support, 100% fibonacci extension
8500 resistance: horizontal swing high resistance, 38.2%, 61.8%, 78.6% fibonacci retracement (strong resistance)
10000 resistance: horizontal swing high resistance, 38.2% fibonacci retracement
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