TheRedFox

Bitcoin - Flash back in history!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi All,
Looking at the 1D chart of BTC/USD on exchange Bitfinex; I notice the following:

  • The 20EMA is gearing up to dip below the 200EMA, this is a major event that only took place back in 2015/08/18!
  • The good news is BTC/USD recovered in 2 months; on 2015/10/11 the 20EMA crossed the 200EMA upward. If the history is to repeat itself, I would expect to witness some strong bearish time for Bitcoin till end of 1H 2018, then start the recovery in the 2H.
  • There is a general subtle uptrend since July 2017 (represented by the dotted line at the bottom of the chart) which I don't expect BTC/USD to dip below it much during this upcoming Bearish era.
  • I think the lowest target to hit is around 6000 USD

This is my idea in brief, however, this is not a trading advice for anyone :-)

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