Since July we've been in a roughly three month cycle following a trend line that, if repeated a third time, should put 80k-90k in play by the second half of January. Some key points to watch for have been indicated on the chart. First will be a break through and re-test of the psychological 60k level. Once through that, we will need to break the ATH and re-test it for support. Assuming we don't get stuck there, I would expect to see a new ATH of between 80k-90k sometime in the second half of January.
The counter analysis to this would be if we are unable to break through the aforementioned psychological levels. In this case, I expect to see prices slowly fade back down to previous volume areas around 45k-50k before another attempt.
I disagree. Though, lets see what FED will come up with in two weeks or so. Perhaps then I might reasses, but at the moment I do not agree with this view. I think it is likely that BTC will trade in range for while before deciding to go lower or higher. Anyways, thanks for sharing your idea.
tedwardd
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@Tradersweekly, I agree. We're going to be hanging on the word of the FED until the end of the year to see what they do. I think we'll be ranging for a while in the form of a long ascending wedge with an eventual break to the upside. Recent day's activity generally supports this hypothesis but will reassess the weekly candles in as we approach the end of December for confirmation.
Tradersweekly
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@tedwardd, Thank you very much for providing your thoughts to me. We will see what happens. Wish you all the best with your trades!
trytofeelpositive
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nice chart mate agree with ur long share my midterm vision with u