BTC meme charting, low bias edition

[Anonymous No.8840067]

In this thread we try to discuss the upcoming price action for Bitcoin, avoiding bear/bull bias as much as possible.
Here is what I think will happen in the next weeks, see pic related.
We will retest the 6000 range with fairly low velocity/momentum, volatility decreasing, till we hit the overall downtrend line, where a breakout to the upside will occur.
People will rejoice that the bear market is over, but it will be yet another bull trap, as we will retest the 200 day MA, but fail there.
The price then goes down/sideways for a while, maybe we will retest the 200 day a second time, and fail again.
From there on we will go down further and eventually break the support at around 6000, going down all the way to somewhere around 2000 - 3000, completing a full on 85 - 90% correction.
An extended period of sideways action will commence, opening up the possibility of an altcoin summer.
In the even longer time-frame, Bitcoin will recover and slowly pick up to form the next Bitcoin bull market, demolishing altcoins once again, 100k ATH at least, even 500k is possible, at least in my opinion, if momentum will be strong enough.

Remember, the cryptospace as a whole is still a completely bullish market, and will be for the coming years. It doesn't matter what you hold, aside from complete shitcoins, in the multiple years time-frame you will make it.

[Anonymous No.8840170]

Why do you faggots want 3k so bad?
3k is the bear equivalent to last year's 33k bull prediction. 5k low is the much more reasonable prediction.

[Anonymous No.8840283]

Of course, there are other possible outcomes, although the likelihood is lower than the scenario in the first post, in my opinion.
One alternative scenario could be a gigantic cup and handle formation over the years since the first 1000 USD ATH, and that would mean a massive breakout going through the 200 day like nothing.
As I think we are experiencing the first real public awareness selloff in the well known meme chart, a cup and handle formation over multiple years seems unlikely.

And yet another, even more unlikely scenario would be a breakout to the downside of the wedge as seen in the chart, although it currently looks a little bit like this could happen.
But I don't think there really is enough sell pressure left in these days, all weak handed investors sold by now, and the ones holding massive amounts of BTC surely won't sell at the lower end, whales are whales for a reason. However, they aren't adding as well, they just ignore the market right now, they sold a portion around ATH, they still hold the rest for the next ATH. They think in years, not days.
And some of them like to play the Bart game out of pure boredom, but that doesn't lead to significant price movement.

[Anonymous No.8840362]

>>8840170
I personally don’t want 3k, what I want and don’t want doesn’t matter here. As I said, this analysis tries to be unbiased, or do you think I really want to have an extended sideways market? That is going to be boring as hell, but at least alts could become interesting again.
I have no emotional investment in Bitcoin or some altcoin, but the reality is that Bitcoin needs a cool-off after going 100x (!) up.

[Anonymous No.8840540]

The problem with meme TA is that it doesn't account for the number one influencer which is news about regulation or Mt Gox coin dump.

[Anonymous No.8841180]

>>8840362
but TA is exactly what you want it to be.

[Anonymous No.8841239]

>>8840067
>Remember, the cryptospace as a whole is still a completely bullish market
AHAHAHHAHAHAHHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHA