BTC targets I am watching

in btc •  17 days ago 

btc-scenarios.JPG

Bitcoin has been in a very nice uptrend. I am now convinced that the bear market is over and we are in the bull market.

If that is true I believe a correction is needed (we just rallied 3X or 300%). Anything between 20%-50% would be healthy in such a bull market.

We have just had a parabolic uptrend that is now somewhat broken, but still has some support as you can see from the uptrends. Only the very latest have been broken thus far.

I believe as long as we stay above the old low everything is OK, but ideally we ought to stay above 4200ish. If that does not hold, this strong breakout may turn into a real nice bull trap. I give this a chance of maybe around 20ish percent.

So most likely in my opinion we are going to come down and the most likely targets I have indicated in the chart above.

Both 6k or something above 4200 would be good and healthy targets for the bull case.

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@knircky
Thanks for the analysis. Maybe you are tired to hear thanks everyday.

Regarding your analysis, I believe that the price will go toward the less resistance path.

Happy weekend!

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Excellent analysis buddy! I taught my self, candles stick charts, stochastics, moving averages, bollinger bands, and over all technical analysis back with my first business success in Korea, bringing in more money than I knew what to do with. I was 21, now I'm 36. I recently made my own chart of BTC with buying/support lines.

My buddy @teamsteem has become my go to on all things fundamental with bitcoin, and he's got me leaning bullish so I have my eyes set on that bottom read line as pretty solid support. Sideways consolidation for another week or so before heading up further. But from a strictly technical perspective, you are right, this last move, again too parabolic and a pull back to your green support area is healthy but then again, bitcoin/cryptos have untold potential the likes of no other market period.

Me I'm still diversified all over the place, from metals, stocks, miners, crytpo to CD's collecting 9% in Ecuador. But my conservative nature is all about guaranteed income and the more support I can get with my unique travel blog the better. It's always nice to have an income you can count on.

For over a decade I was 100% investor, and that was my income, and I'll tell you some years were a bit scary but I luckily never had to go back to work. But part of that strategy was living in Cambodia on 400 dollars a month! haha. But it was a good life and I can't complain.

Anaway really enjoy what you are doing here on steemit and the info you are sharing. I love giving international living and travel advice. Glad to see that we've both found a home here on steemit each doing our own thing.

I recently have crossed the Atlantic after spending the winter in South East Asia, and found myself reconnected with my x girlfriend here in Ecuador of all places! Don't ask...hahaha

Soon to New York to catch up with family for a few months.

So you and I live pretty different lives but I see in your last post you spent a lot of time on a plane, but for some reason I don't think you travel with a backpack!

Can I ask what you do in the real world? You look like a real professional based on your main image there. I have a lot of respect for your BTC analysis and more.

Safe travels!

From Guayaquil Ecuador- Dan