BTC has hit the bottom of the linear regression trend, from the Bitfinex hack to the top before the PBOC news, and we can clearly see that the support held, and we moved back up for now. I wanted to see no new low after my last publication, and it already happened. The sellers indeed got trapped, and the downtrend that started on 1-11 failed. Once we see prices tread above today's high, we'll probably see a strong short squeeze rally.
Longer term, I'd like to see a consolidation, proving investors are accumulating positions in this zone once again, and that we're not seeing a repeat of the 2013 top (dynamics are completely different). What I envision happening would be a repeat of the consolidation after the sharp fall that followed the initially rally that retested $500 for the first time after Bitcoin bottomed. Alternatively, we could see a shorter consolidation, before shooting up again. The exact timing doesn't have to much, since we already triggered a continuation of the initial uptrend that lead to the 2013 high, which wasn't the case in the period I reference. So, don't read too much into this, we need to see how it evolves from here, but if we stay above 5667 and march higher gradually, we'll surely see WAY higher prices in the future.
Good luck,
Ivan Labrie.
Comment
⋅
If we hold this uptrend slope, we can reach 6750 soon.
Following your orange trace very accurately. Impressive!
IvanLabrie
⋅
@plok, thanks. it can be predicted with reasonable accuracy, as conditions unfold, further validating my views. Longer term forecasting with this accuracy isn't that likely to work.
Thank you dear Ivan, your daily updates are much appreciated.
Do you see a bullish pennant forming brother ?
IvanLabrie
⋅
@AhmedAlif8, hi, thanks for the comments.
Actually, I don't use technical patterns so my eyes aren't able to see them.
We need to see how the next movements pan out, to asess more, but we have a bullish confirmation from the points outlined in my previous publication.
UnknownUnicorn396945
⋅
@IvanLabrie, Since you are bullish brother, I'm more than happy, this is more than enough for me :D
I guess we will come back since where we was yesterday so soon, just a matter of hours or day or two at maximum, do you think I'm right Ivan ?
IvanLabrie
⋅
@AhmedAlif8, we go step by step with precise forecasting of direction and targets.
It's likely to go back to the top after breaching today's high and staying above it for a day or two.
IvanLabrie
⋅
There are moments when price action is chaotic, within a range defined by higher timeframe boundaries of course, and others when they act together showing great momentum and logic in the movement. Don't expect to be able to predict everything, at all times.
UnknownUnicorn396945
⋅
@IvanLabrie, Thanks for all your elaborations my kind brother, wish you all the best :)
Young_Satoshi
⋅
Well written. Thanks for taking the time to share your thoughts.