There is a descending wedge on the non logarythmic chart, which I find as useful for some things and just as valid as the logarytmic chart. It is just a different perspective that at times can confirm a prediction or provide contrast to a prediction. In this case the descending wedge seems to have more validity in the non logarythmic long term chart because it's touch points are right on the money precise and confirm the overall bearish trend resistance and support lines.
I realize that there is a lot going on in the world economy, local economy, politics, etc that make this economic era different than any other faced by Bitcoin in the past.
However all things being equal, and I realize they are not. I have to go against the herd, yet again, and predict a bullish reversal within the next few days to a month.
It was not too long ago when I also went against the herd and predicted with a several day accuracy the last major downtrend to current levels. And it was based on similar pattern based analysis.
I predict that we will burst thru the upper support line fairly soon, and eventually settle at least somewhere between the 30's and 40's over the next 6 months to confirm the target of this signal. We may dawdle at some of the popular value levels on the way up, but this is the target that the overall signal would suggest.
And of course once we reach those upper levels, depending on the economy, trading volume, and many other factors, it may continue up to new highs, or there may be a reversal signalling that this is not the bull market that will achieve new all times highs.
Nevertheless, it may be a good point to take some profit if it turns out to be a reversal point, as it will be twice the value of our current coin.
I realize that there is a lot going on in the world economy, local economy, politics, etc that make this economic era different than any other faced by Bitcoin in the past.
However all things being equal, and I realize they are not. I have to go against the herd, yet again, and predict a bullish reversal within the next few days to a month.
It was not too long ago when I also went against the herd and predicted with a several day accuracy the last major downtrend to current levels. And it was based on similar pattern based analysis.
I predict that we will burst thru the upper support line fairly soon, and eventually settle at least somewhere between the 30's and 40's over the next 6 months to confirm the target of this signal. We may dawdle at some of the popular value levels on the way up, but this is the target that the overall signal would suggest.
And of course once we reach those upper levels, depending on the economy, trading volume, and many other factors, it may continue up to new highs, or there may be a reversal signalling that this is not the bull market that will achieve new all times highs.
Nevertheless, it may be a good point to take some profit if it turns out to be a reversal point, as it will be twice the value of our current coin.
Comment:
This wedge is formed from the peak of the all time high of around 70K to our present era and has only 3 main touchpoints of resistance, but having been looking at this for quite some time, the last touch point was a perfect behavior of effective and predicted resistance which lends validity to the descending resistance line. I think a forced breakout is imminant, and despite the preponderance of estimations of other signals like Stocastics, I believe this is a clear prediction of a reversal of the downward trend as it is pushed too close to the bottom support lines. Doom and gloom and wars and a bad economy has been moderating the value, and will continue, but I feel a correction to the UP side will occur any time from now to the first week or two of October.
Comment:
I believe this analysis was correct for the same reasons. But the timing was off just a hair, because it was the Logarythmic version of the same descending formation that triggered the predicted movement to the upside. This occurred on 10-25-22 against most predictions (except for mine) Also my predictions of the price of BTC increasingly decoupling from the Stocks and Bonds market is being proven on a daily basis, and now I even hear other shows and articles mentioning the decoupling, and that BTC is now seen less as a relative risk compared to markets and more of a hedge to preserve value of the dollar as you get out of failing investments. This means that BTC can go the opposite direction of the market in the coming months. Databyter