Here is the count and support zone calculated for the previous bear market:
This is the link to the algorithm that I use for my Supply / Demand zones:
-Hawk
This is the link to the algorithm that I use for my Supply / Demand zones:
![Oracle v2.0 [Market Vision]](https://s3.tradingview.com/u/u1RxR5TX_big.png)
-Hawk
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Earlier Analysis :
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Bitcoin is finally approaching the 14k-16k resistance I mentioned months ago. Here is the continuation to my analysis:
Resistance 1: $13,900
Resistance 2: $16,000
Support 1: $6,400
Support 2: $2,400
I am expecting the bottom to hit around April / May 2021 at $2,400.
You may be thinking that 2.4k is absurd, but aside from all the Elliott Wave and Fibonacci calculations I used, let's have a look at the underlying psychological aspect.
Around late 2017, the masses were exposed to Bitcoin. This is when the major hype began. Tons of people have been opening longs during the last 3 years while Bitcoin ranged sideways with fake FOMO rallies, further accumulating the retail longs.
Now, you gotta ask yourself - if the masses are opening longs, and the price will indeed rally now, who is going to pay out their profits later?
The world just doesn't work that way, there's no free money.
Which is why, I believe that all those retail 'investors' that bought Bitcoin for the long term, and have been very patiently waiting for the bull run - are going to get liquidated once they see new lows.
They will simply lose it, sell everything and proclaim Bitcoin a dead scam.
Once Bitcoin gets rid of the extra baggage, it will proceed with the great bull run of 2022-2024, reaching $100,000 and more.
Good Luck,
Hawk
Calling the 5k bottom:
Calling the COVID-19 Crash:
Resistance 1: $13,900
Resistance 2: $16,000
Support 1: $6,400
Support 2: $2,400
I am expecting the bottom to hit around April / May 2021 at $2,400.
You may be thinking that 2.4k is absurd, but aside from all the Elliott Wave and Fibonacci calculations I used, let's have a look at the underlying psychological aspect.
Around late 2017, the masses were exposed to Bitcoin. This is when the major hype began. Tons of people have been opening longs during the last 3 years while Bitcoin ranged sideways with fake FOMO rallies, further accumulating the retail longs.
Now, you gotta ask yourself - if the masses are opening longs, and the price will indeed rally now, who is going to pay out their profits later?
The world just doesn't work that way, there's no free money.
Which is why, I believe that all those retail 'investors' that bought Bitcoin for the long term, and have been very patiently waiting for the bull run - are going to get liquidated once they see new lows.
They will simply lose it, sell everything and proclaim Bitcoin a dead scam.
Once Bitcoin gets rid of the extra baggage, it will proceed with the great bull run of 2022-2024, reaching $100,000 and more.
Good Luck,
Hawk
Calling the 5k bottom:
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Here's what it looks like on a smaller timeframe:
