MarcusAu

Bitcoin Trends on different time scales

COINBASE:BTCUSD   Bitcoin / U.S. Dollar

Note: I define trend on a specific timescale as something like this: Monthly Trend Bullish= price will be higher in 2-10 months.

Bitcoin Yearly Trend: Strong Uptrend
Reason: We're in Wave IV circle, one big bullish Wave V to go.

Bitcoin Monthly Trend: Strong Downtrend
Reason: Wave IV is not finished yet, I forecast the lowest point would be between 2000-4000 USD.


Bitcoin Weekly Trend: Strong Downtrend
Reason: BTC has bounced from this key support level , which could be interpreted as Wave 2 of the larger Wave (3) of the larger Wave C, next major resistance is 7000-7300.


Bitcoin Daily Trend: Weak Short-term Uptrend/ Retracement from 5000-6000 support level
Reason: BTC has broken up from the recent daily RSI downtrend, therefore I think it's not the best time to short right now. Traders should patiently wait for day chart weakness/rejection from major resistance before any trend following shorting .

On day chart, BTC is consolidating around the 1.618 extension of the top of previous descending channel . Maybe it could go up to the 2.618 extension around 7200-7300.






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