It's been quite a hectic week for me. Very tough times at work and a cold and painful breakup with my girlfriend. Regardless, we're back to the chart and it always feels like charts make me forget the real world.
First, I'd like to apologize for making a small mistake in my last analysis. I correctly predicted a growth of 33% for Bitcoin but put it in the wrong place. Please check my previous chart and compare it with this one.
So let's get to analysis. In one of my previous, I pointed out a very important stage to look out for. The Sucker's rally. A sucker's rally is a bear market bounce. I also mentioned that we are in a bull rally but not in a bull market.
Right now, it looks like Bitcoin is in that sucker's rally and that in the near future we will be forming a higher/lower low. I still believe there's potential for a lower low. However that's only a probability and never a guarantee and for that reason, I urge traders to avoid leveraging on Bitmex and use Stablecoins instead. Go for Tether/TrueUSD/USDCoin/GeminiDollar...
The 4 hours horizon: The on the 4-hour horizon indicates that there's only little room for sideways consolidation before seeing a big move. XBT will likely move sideways for a couple of bars before following the green or red chart patterns.
The 1-day horizon: The on the 1-day horizon indicate that sentiment is turning for a few days.
There are 2 likely scenarios as of now and I believe we will most likely follow the red pattern right away. It looks like the price will drop 450 points in the coming few hours before moving sideways on that thick orange line below.
The other scenario is a 200-300 points short squeeze and a sideways movement at that level before dropping back to the thick orange line below.
That's it for now dear followers. Thank you for coming back and see you in the next one!
PEACE and LOVE! <3
So I predicted yesterday, the price lasted just 2 bars on the 4-hour horizon before making a move. The move followed the green price prediction bars and is now consolidating in that range. It looks like we will be here for a short while before seeing another big move/drop.
PEACE! Stay tuned!