Not financial advice - I hope you find my TradingView posts educational and entertaining
Last post I talked about potential buy levels. Well, it's possible that the bottom is in. It's good to be prepared for either direction with price movement.
Given the significant bearish sentiment on social media platforms, I find it increasingly unlikely that we will see prices below $17K, but my previous post should be used for reference in case that happens. With everyone calling for sub $10K Bitcoin and fear and greed levels so low, it might just do the opposite and rally to the $22-$30K range.
Additionally, we see OBV (On Balance Volume) moving to the upside on the weekly chart, indicating a potential bottom. Granted, this was also seen before the floor caved in during the 2018 bear market - just something to keep in mind.
Using this Fibonacci circle as a reference, we could see price range between $20K and $50K until the halving in March 2024, where we could jump up to the 3.618 rung and commence the bull run.
Will my haphazard scribbles come true? Probably not. Is this a good long term basis in regards to previous price action and potential future price action? I think it is a good starting point and plan to check on this idea periodically.
Limit orders are still your friend :)
Happy trading (and investing), everyone!
Last post I talked about potential buy levels. Well, it's possible that the bottom is in. It's good to be prepared for either direction with price movement.
Given the significant bearish sentiment on social media platforms, I find it increasingly unlikely that we will see prices below $17K, but my previous post should be used for reference in case that happens. With everyone calling for sub $10K Bitcoin and fear and greed levels so low, it might just do the opposite and rally to the $22-$30K range.
Additionally, we see OBV (On Balance Volume) moving to the upside on the weekly chart, indicating a potential bottom. Granted, this was also seen before the floor caved in during the 2018 bear market - just something to keep in mind.
Using this Fibonacci circle as a reference, we could see price range between $20K and $50K until the halving in March 2024, where we could jump up to the 3.618 rung and commence the bull run.
Will my haphazard scribbles come true? Probably not. Is this a good long term basis in regards to previous price action and potential future price action? I think it is a good starting point and plan to check on this idea periodically.
Limit orders are still your friend :)
Happy trading (and investing), everyone!