Hi friends! I just want to give a quick technical argument for why I believe Bitcoin will most likely rally to the top of the downtrend channel, somewhere in the low 4000s. As you can see, each time during the life of this downtrend channel that Bitcoin has consistently traded above the 50 EMA (in orange,) price has rallied to the top of the downtrend channel (in blue.) Now, if you have been following my recent BTC comparison of the current market to the bottom in 2015, you know that I have been expecting a rally to the top of the channel, since that would continue the 2015 bottoming fractal. Knowing that, and seeing how BTC has rallied to the top of the channel after consistently trading above the 50 EMA, we can see that the probability of BTC rallying to the top of the channel is quite high. Furthermore, the current price action on the daily chart is in the form of a bull flag consolidation. So, unless price breaks down below the 50 EMA, the technical likelihood that we will reach the top of the channel is very high. From there, we will continue to monitor the progression of the 2015 bottoming fractal that I've discovered.
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I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-