Here's a big line of support bitcoin has never broken (at least not yet). You can also see in it the major top to bottom lines of bitcoin's historical crashes, and the cycles it took to recover are quite clear.
Are we on a fairly clear road to a $6.6k bitcoin by end of December, 2019? My gut says even if we hit that $1k level the doom and gloomers and hyperwave enthusiasts are predicting, we'll stick close to or above the big orange line of support. and i don't see us dropping below $3k realistically. Maybe $2.5k ... for a very brief moment.
Of course, the past doesn't predict the future exactly.
I'm not a financial advisor. This is not financial advice. Do your own research. You're responsible for your own investments. Please don't be a dolt. Enjoy!
Are we on a fairly clear road to a $6.6k bitcoin by end of December, 2019? My gut says even if we hit that $1k level the doom and gloomers and hyperwave enthusiasts are predicting, we'll stick close to or above the big orange line of support. and i don't see us dropping below $3k realistically. Maybe $2.5k ... for a very brief moment.
Of course, the past doesn't predict the future exactly.
I'm not a financial advisor. This is not financial advice. Do your own research. You're responsible for your own investments. Please don't be a dolt. Enjoy!
Comment:
Also interesting the recent low nearest the end of 2019 was pretty much exactly at $6.6k for bitcoin. The trend is your friend until the end, indeed.
Trade closed: target reached:
Target was reached on the way up at 6.6k in the first half of the year, and then again in the latter half of the year on the way down. Target was last hit around Dec. 18, 2019, making the EOY prediction off by about 13 days. Not perfectly accurate.
Do I think I made some great fantastic prediction? No.
How did I get as close to the actual Price as i did? Kind of obvious trendline, even though trendlines tend to fail ... they also only tend to fail after they don't. So ... yeah.I don't think you had to be a genius to see this outer price action frame side, and to guess that the price action might come close to it or even touch it.
From the looks of it, 2020 will be pretty interesting, if you're bitcoin trader or observer. Could it go down? yeah. Could it go up? yeah. Must it do either of those things? No, but it's probable.
Do I have more predictions? Well, I'm not some wizard with a crystal ball. And today's New Year's Day, so ... some time off and only after that i'll see if there's any time for more mental mastication ... in the not too distant future.
Thanks again to all the air particles that helped me breathe during the production of this prediction process. And I'd like to say a special word of appreciation to water, for always keeping me hydrated as I go through the motions of charting, TA and life.
Do I think I made some great fantastic prediction? No.
How did I get as close to the actual Price as i did? Kind of obvious trendline, even though trendlines tend to fail ... they also only tend to fail after they don't. So ... yeah.I don't think you had to be a genius to see this outer price action frame side, and to guess that the price action might come close to it or even touch it.
From the looks of it, 2020 will be pretty interesting, if you're bitcoin trader or observer. Could it go down? yeah. Could it go up? yeah. Must it do either of those things? No, but it's probable.
Do I have more predictions? Well, I'm not some wizard with a crystal ball. And today's New Year's Day, so ... some time off and only after that i'll see if there's any time for more mental mastication ... in the not too distant future.
Thanks again to all the air particles that helped me breathe during the production of this prediction process. And I'd like to say a special word of appreciation to water, for always keeping me hydrated as I go through the motions of charting, TA and life.
Join Alpha Trading's discord at AlphaTradingHQ.com/discord to get free access to the Volatility Starter pack of indicators and chart!
All in all, 2019 was a solid year of growth for bitcoin's price, and (so far) a continuation of its long-term trendline of support. Of course, this may change, and if it does, well, yay for unchartered territory. :)
Happy new year, folks! Remember, we have 2020 hindsight vision for a full year! Use it wisely!