Ok, this is way out in advance but I am going to go out and just make a prediction of a forming Inverse H&S to come. We will obviously retrace lower from this rally at some point soon. We have the pressure of the long term trend line coming up the side (dotted red) and if this holds as a support, it will have a high probability of pushing BTC into an inverse head and shoulder type pattern that could complete by the end of the year 2018 and bring us to 13K. You saw it here first!
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To clarify, the long term trend line is actually not in the frame... I thought it was but only if I have the chart in log mode does it actually show
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Posted in comment below... like I said, did not expect this big of a rally but that is trading... I will be looking at areas in the boxes
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Btc in big trouble if it falls below 1 day 50 EMA and confirms it as resistance
Look, I didn't expect the rally to be sustained like this but we are starting to possibly see some divergence on the 4hr RSI. If we do start going down, here is what it may look like
vidrar
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ETF will allow Grandma to get into BTC.....its a huge deal, moon incoming.
powdah
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@Echoes,
Again, I’m a believer in price action. The current rally has that factored in. Obviously not a secret. We will get a retrace and I’m bullish over the mid term and indeed believe we will see 30k by 2019
@Echoes, also if grandma is buying btc etf she is either a young gramma with good risk tolerance or has a bad financial advisor
CryptoTaxAttorney
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If the Cboe BTC ETF is approved (not launched) by the SEC (and I'm hearing that's its a done deal) in 2018 then your 13K prediction is way low. You're looking at between 40k and 65k.
powdah
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@Pinarello1967, Potentially in 2019 but try charting those numbers.... BTC would have to do something absolutely unprecedented and that is saying a lot given the very recent parabolic move
CryptoTaxAttorney
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@powdah, I'm pretty confident that if the SEC approves the ETF in 2018 BTC will blow (and I mean blow) by 13k. But hey this is what is fun about predicting - the ability to be right or wrong. Either way we are heading into a multi-year bull run (with the necessary and healthy retracements along the way).
powdah
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@Pinarello1967, I am becoming more and more of a 'price action' purist. Meaning, this rally that we are seeing right now could be based off of the rumor that you are describing. It may indeed have merit but again, since you and I are discussing it, it is widespread knowledge and therefore built into the price already. The folks with all of the BTC (whales) will be selling at 10k and taking profit while the herd that has been watching for a better opportunity will be jumping in.