Bitcoin: pick your target

Bitcoin: pick your target


As I expected, we very slowly and weakly ran into resistance and rejected it, once more.
This is it. It is highly likely we are now entering the final phase of denial.
This is probably going to be the week the price sells off. Finally!
We are I believe – this part is speculation and does not impact how we should be trading this – going to fall to the lower line of the bearish pennant , sit there 2-3 days, then fall violently as I described in a previous idea. Apocalypse style.

Once again, just like back in July and November, crypto investors are extremely aggressive and on edge.
Someone is going to get tired of this and sell, and someone will follow, and someone else.
As usual the ones that run for the exits first will get out with just a few scratches.

The way Bitcoin is moving, in a repetitive manner, is nothing unlike what we have seen before:

After Bitcoin price stops being range bound and starts going down, I expect 2 to 5 weeks to reach target.
The reward to risk is AT LEAST 3 to 1 here, 4 to 1 if stop loss is a little tight, more if target is lower and/or stop tighter.
Careful for fake pumps, this is why I prefer not having a stop too tight.
4 to 1 is already pretty insane!

My personal target has not changed too much for the past 12 months now, and is still $1800.
If this idea gets more than 50 likes I will have a little surprise in 1 month :p

Once the selloff starts you can use this trendline as a trailing stop if that is how you roll.
If the price goes back up something is wrong.

Looking like the usual market cycle, nothing special.

If there is a new bubble in the future, it will be in minimum 10 years and the absolute top will be $13,000.