BITCOIN RALLY ANALISYS - BEAR IN SITE
The ones who are following me know that almost two months ago I nailed the top in bitcoin in this article (calling a top at around $2850) :
https://steemit.com/money/@dekanac/bitcoin-rally-analisys-3-the-dawn-of-a-bubble
What I have done there is just made proactive correlations with current rally and with the ones I already participated in back in 2011 and twice in 2013. What we have currently active is the formation of the MA crossings on a weekly chart, please check the chart bellow (bitstamp, bitcoin wisdom):
The main question worth asking today is how long the bear will last, would it be the 6 months like once in 2013 or year and a half like the one in 2011 and the second one in late of 2013.
Possible bottoms this time are following levels: around $1500 in case it only lasts for 6 months or as low as range of $300 to $500 in case it lasts longer.
Please don't misunderstand my analysis, I'm not saying btc is dead, previous bottoms were $3 in 2011, $60 in 2013 and $190 in 2015. So next ones could possibly be around $500 level. So bitcoin trend long term is up if we look just at price bottoms. HODL on in case you can, this will only last a certain period of time until next rally forms up. In case you can't HODL, it could be a good timing to cash out on some of your earnings.
I'm getting more next week!
Good points
Keep it up
Good analysis. MA has always been a powerful indicator for me especially with the current fundamental issues..
@dekanac
Nice Job!
Keep the good work up!
Thanks for sharing