A new VSky™ Bitcoin analysis for January-February 2019
BTC failed its attempt to breakout beyond $4.2k twice, once during the last week of December 2018 and then again the first week of January 2019.
My new local short target range is $3375-$3400
We've currently pulled back to the midrange of the local bear flag we're in - (which started after the loss of support around $6400 around 12 November 2018)
I expect an attempt to test the local support trend line around 3375-3.4k this coming week and then fail there again, which will lead us to a new low around $2875, after Valentine's Day 2019.
*I believe the market will become stagnant with continued stair stepped downtrend movements to $2875, potentially thru April, with the government being shutdown, I'm interested to see how US traders (us legitimate traders who pay our taxes) approach the trade/tax deadline in April - everyone that applied for 2017 extension in April 2018, got rekt when the Oct 2018 deadline came around and they didn't have the money to pay their taxes. Interesting times, we're in
**this is an updated idea from an idea I published in June 2018
My new local short target range is $3375-$3400
We've currently pulled back to the midrange of the local bear flag we're in - (which started after the loss of support around $6400 around 12 November 2018)
I expect an attempt to test the local support trend line around 3375-3.4k this coming week and then fail there again, which will lead us to a new low around $2875, after Valentine's Day 2019.
*I believe the market will become stagnant with continued stair stepped downtrend movements to $2875, potentially thru April, with the government being shutdown, I'm interested to see how US traders (us legitimate traders who pay our taxes) approach the trade/tax deadline in April - everyone that applied for 2017 extension in April 2018, got rekt when the Oct 2018 deadline came around and they didn't have the money to pay their taxes. Interesting times, we're in
**this is an updated idea from an idea I published in June 2018
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A couple of zoomed out charts for reference:
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Here we are, still in the bear flag from mid November and sideways in the chop shop since late December. $3.5k-$3.8k seems to be the chop range. "Support" has held at $3.5k. If bear flag breaks out, top range should deflect off $3.8k. Super breakout could touch $4k (I'm not expecting) by end of January.