Bitcoin Market Cycle Top? Possible move to $14K, as low as $8700
Combination of:
1.) Monthly bearish divergence
2.) Confluence of bearish downside targets
3.) Rejection at 2.618 monthly fib extension
suggests market cycle top and beginning of bear market. could play out like this:
In the 14-20k range, people think we're in the clear and headed to the moon, then price rolls over again, people are still hopeful for a double bottom, then price capitulates quickly down to the $8-9K mark, which would fill in the CME gap at $8700 before kicking off back to the moon!
Target 1: ~$13,800
Target 2: ~$8,700
Stop: $64,000
1.) Monthly bearish divergence
2.) Confluence of bearish downside targets
3.) Rejection at 2.618 monthly fib extension
suggests market cycle top and beginning of bear market. could play out like this:
In the 14-20k range, people think we're in the clear and headed to the moon, then price rolls over again, people are still hopeful for a double bottom, then price capitulates quickly down to the $8-9K mark, which would fill in the CME gap at $8700 before kicking off back to the moon!
Target 1: ~$13,800
Target 2: ~$8,700
Stop: $64,000