{"id":147296,"date":"2019-05-08T13:15:54","date_gmt":"2019-05-08T17:15:54","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147296"},"modified":"2019-05-08T12:33:19","modified_gmt":"2019-05-08T16:33:19","slug":"bitcoin-setting-up-for-another-drop","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/bitcoin-setting-up-for-another-drop\/","title":{"rendered":"Bitcoin Setting Up For Another Drop"},"content":{"rendered":"
May 8, 2019<\/div>
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By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

Last year just days before the big Bitcoin breakdown we notified everyone publicly to get ready for a swift drop from $6000 to $4000 which played out perfectly within a few days. Our cycle system and technical analysis skills combined can pack a powerful punch and this one of those incredible moves where the stars aligned for us as traders.<\/p>\n

October 12, 2018 \u2013 <\/strong>Post and Chart Here<\/strong><\/a><\/h3>\n

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We then further updated our followers in March of this year that a breakout was about to take place and a run to $6000 should take place. After that upside breakout move on April 8th,<\/sup> we posted this video further confirming $5800-$6000 was still the target.<\/p>\n

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Today\/May Bitcoin appears to be setting up a broader top formation that suggests another move lower is about to unfold.<\/p>\n

This first Daily chart highlights both support and resistance in Bitcoin.\u00a0 The Resistance goes all the way back to July 2018 where a Three River Morning Star pattern set up a gap with a Doji Star formation.\u00a0 This created the support level that was ultimately broken in November 2018.\u00a0 Support formed near $4000 in early 2019 with similar types of gap formations.\u00a0 This support level was ultimately broken in April 2019 with a move back up to resistance near $6000.<\/p>\n

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We believe the setup of the most recent price activity is setting up a classic three mountains top formation.\u00a0 A weak price rotation prompting a downside price move right now could be a short term ultimately top with next support near $5000. We believe a fairly quick downside price move toward the $4400 level (or lower) \u2013 near support.<\/p>

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Once price move to near the $4400 price level, or lower, if the support level is broken, we could see the price of Bitcoin fall all the way towards the $3500 level or lower.\u00a0 Fibonacci price theory suggests the failed high price move, near $7500, would represent a major failed high.\u00a0 This failure suggests a move lower attempting to establish a new price low.\u00a0 For this to happen, the price of Bitcoin would have to fall below $3000 which may sound crazy, but so was $20,000 bitcoin!<\/p>\n

Watch for a reversal to unfold in the coming days, could be another opportunity to profit from another cryptocurrency collapse. Any failure of this breakdown\/reversal move would suggest Bitcoin is setting up a new Pennant\/Flag formation where the price will trade sideways before prompting a bigger breakout move.\u00a0 We believe a price breakdown is about to unfold and we expect prices to fall below $4400 within 14 to 28 days.<\/p>\n

If you want to become a technical trader and pull money from the markets during times when most others cannot be sure to join the Wealth Trading Newsletter today<\/strong><\/a>. Plus, for a few days only I\u2019m giving away and shipping Free Silver Rounds to subscribers who join our select membership levels.<\/p>\n

Chris Vermeulen – TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By TheTechnicalTraders.com Last year just days before the big Bitcoin breakdown we notified everyone publicly to get ready for a swift drop from $6000 to $4000 which played out perfectly within a few days. Our cycle system and technical analysis skills combined can pack a powerful punch and this one of those incredible moves where […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147296","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147296"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147296\/revisions"}],"predecessor-version":[{"id":147297,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147296\/revisions\/147297"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}