From a purely technical standpoint, I believe Bitcoin will hit 7.5-8k USD before continuing upward out of the wedge that is forming.
Expecting a strong move away from the buy zone when price hits there. This may result in some kind of head and shoulders pattern (hopefully the chart shows this clearly enough). If below summary plays out, the green zones are where I may look to accumulate bitcoin if I was interested in purchasing it.
Summary :
1. Price will continue move to 0.5 fib (12-12.25k) where is will be met by resistance and the 100 EMA.
2. From this point, I believe we will see a slow and steady descent to the 7.5-8k USD region where we see an ABCD completion, lower channel trendline,0.618 fib of total move, RSI will most likely be oversold, flat number = 8k AND some previous resistance that should turn support.
3. Strong reaction from this buy zone back toward the upper wedge around 12k.
4. A 0.5 retracement back down to around 10k USD zone (which would complete the formation of the second shoulder).
5. This will be the end of this downward market and we will shift to a bull market again.
6. Possible targets at previous high at 20k, 25k (1.272 extension) & 30k (close to 1.414 extension)
I realise this market is alot more of a victim to news and FUD than the likes of forex etc, so this technical prediction could be wrong within the next couple of mins. However, I still believe we can gain some kind of overall insight when it comes to market movements through technical analysis.
As always, DYOR & take care when investing. I am not your financial advisor.
Expecting a strong move away from the buy zone when price hits there. This may result in some kind of head and shoulders pattern (hopefully the chart shows this clearly enough). If below summary plays out, the green zones are where I may look to accumulate bitcoin if I was interested in purchasing it.
Summary :
1. Price will continue move to 0.5 fib (12-12.25k) where is will be met by resistance and the 100 EMA.
2. From this point, I believe we will see a slow and steady descent to the 7.5-8k USD region where we see an ABCD completion, lower channel trendline,0.618 fib of total move, RSI will most likely be oversold, flat number = 8k AND some previous resistance that should turn support.
3. Strong reaction from this buy zone back toward the upper wedge around 12k.
4. A 0.5 retracement back down to around 10k USD zone (which would complete the formation of the second shoulder).
5. This will be the end of this downward market and we will shift to a bull market again.
6. Possible targets at previous high at 20k, 25k (1.272 extension) & 30k (close to 1.414 extension)
I realise this market is alot more of a victim to news and FUD than the likes of forex etc, so this technical prediction could be wrong within the next couple of mins. However, I still believe we can gain some kind of overall insight when it comes to market movements through technical analysis.
As always, DYOR & take care when investing. I am not your financial advisor.
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Comment:
still moving along as expected
I have posted an idea about how I would look to get long on this on the 1hrly TF (see related links)