I've made a really pessimistic chart here for Bitcoin...
I really tried making an optimistic one, as can be seen in my latest Ethereum analysis. But it's hard to make one that I believe in (however I drew the circular Fibonacci it didn't really make sense)... On the other hand the negative view make much sense
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Zoomed in...
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I guess the next buying opportunity is at $3400.
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Could be a spike down coming any moment. If a spike down to $3400 come it's safer to buy then if it closes in like a plane that's about to land imo.
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Behaving as expected. Hopefully it falls to $3400 fast where a buying opportunity exists.
North korea's missile over Japan and terrorist attacks in England, Sweden and France pushed the price of bitcoin up and marked the bottom (probably). All is found in my pattern "magically"... I guess it's called magick, after reading about it, or faith.
One more reason $2650 could be the ideal place to buy in.
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The user dgorbik made a great analysis of Bitcoin which seems legit.
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I added new localized Fibonacci circle set and a short term converging trend lines . The yellow line is something I drew for fun, the scenario I think is most likely. This links well into my overall bearish view of Bitcoin long term
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An explosion up could be coming the next few days. Fits well with my views on Ethereum lately.
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In October I'll become bearish again most probably.
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I would keep away and sell this if I owned it. It just left an outer Fibonacci ring.
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I'm finding short term optimism, thanks to the convering trend lines above. Don't forget about the long term and super long term pessimistic convering trend lines. This is partly the reason I'm still invested in Ethereum.
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There's been some negative news the last weeks. It is still looking strong (short term) and could break upwards strongly. If this happens it has room to potentially shoot high.
(don't forget about the bearish long term attraction)
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I'm experimenting with the Fibonacci's as you can see in the last few charts. Thats because I'm insecure about them and trying to make them better. So take the small Fibonacci circle sets with a grain of salt.
The converging trend lines I'm much more confident in.
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I'm hoping for an all time high here. Lots of bear out there right now - these could get a sudden change of hearts. (I'm invested in Ethereum)
It would be hard for BTC to go above $7000, I think.
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Broken out of Fibonacci in a bullish way. Next stop around $8500-$9000 I would guess.
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The small Fibonacci circle set was drawn the 30:th of September and wasn't touched since. Look in the chart above how it moves with a high volatility when it leaves the small circle set. Fascinating...
@FlippingABitCoin, Please explain more, I don't understand your question.
FlippingABitCoin
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@LogicalDeduction, What does a circle drawn on a linear scaled chart look like when you change the scaling to log?
FlippingABitCoin
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@FlippingABitCoin, let me paint the picture more easy for you. So you can deduce logically what is happening.
In linear scaled X:Y axis are valued 1:1 or time : price progress equally.
In a Logarithmic scale with a base of 10 here on the TV charts its is a semi-log scale as only the Y axis or price is in log.
Now what do you think happens with the shape of a circle when one of its axis the Y/price in this case gets compressed by a factor of 10?
@LogicalDeduction, Please, answer the question? I asked you 3 times and explained it, how I explained it to my 5 year old son. So again what shape does a circle become when you re-scale the y-axis in to a logscale?