In this post i wanna share one of my method in analyzing price movement.
sample 1 : we have symetrical channel up. After channel up resistance broke up, that resistance line will become support in next wave. Price action will try to break it as correction pattern.
sample 2 : Again, we have same pattern here, symetrical channel resistance broke up with bullish flag pattern. 1. Bullish flag projection at 6798.98, This projection will reach after 1 candle full break up B line as bullish confirmation, If B cannot break, BTCUSD will down for correction back to A.
2. After B break up, we gonna see correction pattern as sample A, resistance line become support
3. If BTCUSD still follow the cyclic, next correction at 5790, 6481 and 7140.
Can someone in this group kindly explain to me the effects of the fork? Are we expecting a break out to new ATH or a severe correction ? Appreciate your feedback
@Miru84, it depens what you mean. Do you mean BEFORE the fork? Than yes, there will certainly be a boost in BTCs price. Do you mean AFTER the fork? Than "probably" a correction. I am not saying it will happen, but it will probably be the case, since most investors would like to sell BTC and invest the money in altcoins, which have fallen quite a lot during these times and are now cheap.