Hello my friends, first of all, I want to thank all my followers and supporters for the great participation in my analysis provided 2019.
Hopefully, everybody of you had a good good good Christmas time with friends and family and will join the year 2020 with good energy. This is very important!
Today I want to talk about bitcoins price-movement in the upcoming year 2020 and what we can expect from the next 12 months.
There is an important long-term formation forming which you can see in my chart that could provide when confirmed a year 2020.
When we are looking at my chart we can see a big formation forming and which can confirm next year.
We can see right now the price is consolidating above several important support bases.
135-EMA: It is a substantially important indicator in the formation right now. As you can see in my analysis the price is trading right above the 135-EMA in purple
you can see in my chart. Which first of all is a good sign. It is highly likely that the will hold and confirm as support.
200-EMA: When the 135-EMA cant hold there is an important other that can confirm future support. The 200-EMA is marked in orange as you can see in my chart.
Cup and Handle Pattern: There is a huge massive formation forming which confirms when the pink box which you see in my chart is touched.
The target in my chart will be valid when the formation confirmed. The minimum target of such a formation is the lower and higher point of the cup
You can see all the important indicators described in the legend which I provided in the chart. There is also the 23.6 & in which we are trading right now.
Also what is significant to look at are the blue speed support lines which indicate a stable up-trend in the long run. You can see the lines marked in my chart in light blue trend-lines.
These lines marking an uptrend and are drawn from the lows of several key levels which confirmed as support in the past. When a line of these speed lines are broken this could
indicate a change in price direction so when considering a possible reversal we have to watch out for these levels to confirm.
This analysis is used to describe the price-direction of a full year from beginning 2020 to the end of 2021. It shows the highly likely scenario of price movement the next year.
Hopefully everybody enjoyed, may you have a great time and good start in the next year my friends ;) Feel free to support for more market insight.