I wanted to publish this idea to show that lower levels are still in play.
Any break down of BTC (see my previous- shorter term- post below) could easily send the price back towards 6,000USD.
I have no reason to believe BTC would go lower than 6,000USD at this time. However, we must still keep this in mind.
**Notice**; however, BTC could go ape shit if it breaks above the top line. Aka, if we see bitcoin going strongly above 12,000USD in the coming month(s), this would be extremely bullish IMO.
But, we are showing signs of weakness. So, it is my opinion that BTC will go lower before it goes higher.
Take care! This is not a recommendation to buy or sell. Good news is, I think its almost certain we can go to new all time highs once we break out.
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Prior BTC post- looking very accurate thus far...
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XRP possibilities too; if you are interested.
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What do you think?!
Please comment down below. Looking back at prior runs, it is my belief, that next 30 days will be extremely volatile. To the upside, or to the downside. Big money and regulation will ultimately decide!
The lower red line on my earlier BTC chart is obviously in play. However, we still could break out of the resistance, which in the near term is at 11,000USD. Watch the charts people! The paths for BTC are right there ;-)
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On comparing the Stoch RSI with the previous bull run, we see some (very speculative) bullish signs on the current RSI.
The last time the RSI spike up like this, we still had over a year of decent trading until the final spike to the ATH... So, only off comparison, one could say no these last few months was just the start of a new "major" bull run.
AGAIN! This is all ***soo*** speculative. If you asked me would I be comfortable owning BTC 5 years down the road- I would say hell no.
Crypto is something, where if you invest or trade in, you must be very careful. Several things could cause the BTC price to crash or skyrocket (think hacks, governments, SEC rulings, etc...)
@jack_hartmann A bit wrong analysis, since bullish doji from February 1, 2018 coincides with bullish doij from August 1, then you can't talk about declines :)
LtCmdrData
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@seba26-77, Thanks for the input. So you see BTC moving more or less sideways..?
seba26-77
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@jack_hartmann, What do you think? What does the green color tell you? Of course, your curve makes sense, but it will be good only for a few months for sure at some point will be checked :)