I've continued to work off of my previous chart and present a new pattern. See green boxes as completed hits and yellow boxes as potential hits (prediction).
The pink lines indicated a rough drawing of the expected kind of play areas and patterning (but do not take them as 100% literal, they should be used as a general guide). This is a rough draft of my updated Bitcoin chart, but I thought it was worth it to put it out there and test how it holds up. Zoom in and out to view it better (especially to get the prices aligned on the right-hand side). Basically I expect a double-top from Bitcoin and a return to the $7500-7600 area then again to the $7250-7350 range with a retest of the current major support at $7850.
Long-term view is that Bitcoin remains in a downtrend, but this is the present direction I see as a good possibility in the near future.
The pink lines indicated a rough drawing of the expected kind of play areas and patterning (but do not take them as 100% literal, they should be used as a general guide). This is a rough draft of my updated Bitcoin chart, but I thought it was worth it to put it out there and test how it holds up. Zoom in and out to view it better (especially to get the prices aligned on the right-hand side). Basically I expect a double-top from Bitcoin and a return to the $7500-7600 area then again to the $7250-7350 range with a retest of the current major support at $7850.
Long-term view is that Bitcoin remains in a downtrend, but this is the present direction I see as a good possibility in the near future.
Comment:
I'd just like to make note of this double-top that completed here:
Right now we have also just witnessed a substantially decrease after the double-top as was the case in the other two noted instances in previous months. Keep in mind the channel has shifted into between the blue and green upper diagonal line areas, but it is an interesting observation nonetheless. If we do not see an increase higher than the second top ($9000-10 000) during/after the Consensus event that is sustained, that would be a good indication that a decreasing price action is in session and Bitcoin will continue the downward trend. On the other side, a break above $10 700 would indicate a break into a potentially sustained uptrend. However in the present, there is no indication that is what is occurring here.
Right now we have also just witnessed a substantially decrease after the double-top as was the case in the other two noted instances in previous months. Keep in mind the channel has shifted into between the blue and green upper diagonal line areas, but it is an interesting observation nonetheless. If we do not see an increase higher than the second top ($9000-10 000) during/after the Consensus event that is sustained, that would be a good indication that a decreasing price action is in session and Bitcoin will continue the downward trend. On the other side, a break above $10 700 would indicate a break into a potentially sustained uptrend. However in the present, there is no indication that is what is occurring here.
A third double-top looks like it may be forming in this current area (and not the one above like I thought earlier). Around $7800-7900 is the likely low point in the middle that will form. Other important areas would be $8500-8600 range, $8800-8900 and then the previously marked full-line areas. See the diagram below for how it relates to two other double-tops.