Honestly speaking, I am never confident in charting BTC but this is my first attempt to establish a trend with BTC using only Support & Resistance and Fibonacci Retracement tool. Also, please forgive my explanation as I find it hard describing what I see. :)
Twice now, BTC has followed the 0.618 retracement pull back.
#1
Rally - USD 1,000 to USD 3,000
Pullback - USD 3,000 to USD 1,800 (0.618)
News - ICOs Boom
#2
Rally - USD 1,800 to USD 5,000
Pullback - USD 5,000 to USD 3,000 (0.618)
News - Hard Fork & China FUD
Then BTC changed trend and retraced back to only 0.5
#3
Rally - USD 3,000 to USD 7,500
Pullback - USD 7,500 to USD 5,500 (0.5)
News - BTCG and SegwitX2 Forks (or suspended fork)
Now there are two possible outcomes that I am predicting will happen with BTC (bullish prediction of course):
Using USD 7,500 as support since it is previous resistance.
#4.a - Follow 0.5 retracement Trend
Rally - USD 5,500 to USD 9,500
Pullback - USD 9,500 to USD 7,500 (0.5)
OR
#4.b - Follow 0.618 retracement Trend
Rally - USD 5,500 to USD 10,800
Pullback - USD 10,800 to USD 7,500 (0.618)
I am going with #4.b as BTC followed the 0.618 trend twice which has a better chance of happening. (Note: Using only data spanning from May till today)
Major News that may drive this rally is the BTC Hard Fork in December.
coincodex.com/articl...itcoin-silver-story/
This is not financial advice. Please do your own research! Lastly, I am only a 3 month old trader so please take my charts with a grain of salt.
All the best everyone!! :)
Twice now, BTC has followed the 0.618 retracement pull back.
#1
Rally - USD 1,000 to USD 3,000
Pullback - USD 3,000 to USD 1,800 (0.618)
News - ICOs Boom
#2
Rally - USD 1,800 to USD 5,000
Pullback - USD 5,000 to USD 3,000 (0.618)
News - Hard Fork & China FUD
Then BTC changed trend and retraced back to only 0.5
#3
Rally - USD 3,000 to USD 7,500
Pullback - USD 7,500 to USD 5,500 (0.5)
News - BTCG and SegwitX2 Forks (or suspended fork)
Now there are two possible outcomes that I am predicting will happen with BTC (bullish prediction of course):
Using USD 7,500 as support since it is previous resistance.
#4.a - Follow 0.5 retracement Trend
Rally - USD 5,500 to USD 9,500
Pullback - USD 9,500 to USD 7,500 (0.5)
OR
#4.b - Follow 0.618 retracement Trend
Rally - USD 5,500 to USD 10,800
Pullback - USD 10,800 to USD 7,500 (0.618)
I am going with #4.b as BTC followed the 0.618 trend twice which has a better chance of happening. (Note: Using only data spanning from May till today)
Major News that may drive this rally is the BTC Hard Fork in December.
coincodex.com/articl...itcoin-silver-story/
This is not financial advice. Please do your own research! Lastly, I am only a 3 month old trader so please take my charts with a grain of salt.
All the best everyone!! :)