What do you do Mr. Bitcoin ?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi guys.
How are you ? What do you do in the market fluctuations ?
In these days, many people are afraid of the fall of the bitcoin and ask me what will happen ? If you remember, in my last analysis I had predicted this conditions and prices. I said before the uptrend started, price will touch the bottom of descending triangle pattern.

And now with look at weekly time frame, I think we will have 2 scenario for the future.

1) In weekly time frame we have nice falling wedge . If strong Marubozu candle break out top of the falling wedge pattern and descending triangle , we can be optimistic about the future of the Bitcoin and trend reversal. After that we can estimate that the Bitcoin will go up to 10800$ level at first step and then to 15600$. I have more reason for this scenario ! Look at the retracement fibonacci. The price is close to 78.6 level and we have multi layer resistance at this zone. Crossing this area is not easy for the bears !

2) If the price fails to break the patterns we can expect bitcoin drop to the bottom of the falling wedge and then get ready for uptrend. I have more reason for this scenario too :-) The candles are under Kijun Sen and Tenkan Sen on Ichimoku indicator. Tenkan Sen plays the role of a resistance and Kijun Sen has pull down its head and goes to the candles. In this case, until Kijun Sen reaches candles, the price may fall further to 4600$ ! So in these days, we must carefully monitor the chart. What do you think ?

Have a good and profitable trades.


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