Ok guys, I'm going out on a limb and making a prediction (just for fun). This is a very simply trendline analysis. The current decline looks similar to the Jan 7th move down. If the market mirrors that angle and duration of that drop, we'll bottom around 8,750 sometime on Thursday. A break above 12,000 cancels this call.
This prediction may be as good as rolling dice, but let's have some fun while we wait out the correction. I'll have a buy order in at 8,750.
This prediction may be as good as rolling dice, but let's have some fun while we wait out the correction. I'll have a buy order in at 8,750.
Comment:
BTC/USD remains in the down channel, but looks like it may test the top around 11,700. Volume is still low, so I am not convinced with the upside will be broken unless it picks up today.
Comment:
Still waiting. The breakout point remains around 11,700 now. Either way we should know the direction of this market by mid-day tomorrow.
I'm considering putting in a small buy order at 11,700 before I go to sleep tonight, just in case the market decided to go on a bull run overnight. If I do this and it is filled, I'll be closely watch the 20 and 50 EMAs to tell me when to exit this long position.
I'm considering putting in a small buy order at 11,700 before I go to sleep tonight, just in case the market decided to go on a bull run overnight. If I do this and it is filled, I'll be closely watch the 20 and 50 EMAs to tell me when to exit this long position.
Comment:
Zooming in on the 15 min. Breakout level is now around 11,550. I'm still thinking that we'll have clear direction today one way or another.