Here is an IDEA (!!!) what the BTC rollercoaster could do in the next few months. Please take it with a grain of salt and do not understand it as an investment advice.
Curious about your reactions. Don't forget to like! =)
1. BTC falls out of the big triangle > $6000 2. People buy at $6000 remembering recent history, jump to bottom of triangle > $7000 3. BTC falls gets rejected: 3a. BTC sees support at 1200 EMA > $4000 3b. BTC gets below 1200 EMA > $1515 4. A lot of buying > $7000 5. Rejection at triangle > $6000 6. Breaking IH&S neckline > $7000 7. Reaching IH&S target at 50% retrace > $13000
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
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Looks like we formed the bottom of the left shoulder in case the idea has some validity. We didn't reach $6000 but we went down to $6100 at least.
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Here is another pattern that I was observing some time back. It's a big head & shoulders formation which also targets $4000. After the neckline was crossed we saw a rapid movement down. Given the RSI is currently quite oversold, also on the daily, we may see a movement up before going down again. That would be in favor of the inverse head & shoulders idea.
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The recent bull flag has a target of $7160. It will be interesting to see what happens at the bottom of the blue triangle. If we break through it, we have probably a bullish scenario that will reach the top of the triangle. If we get rejected, this idea remains valid.
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It looks like we're consolidating around the neckline of the big head & shoulders formation. Various failed breakout attempts so far.
Hi. Thanks for your chart and sharing your ideas. Your measured triangle move is accurate at 1500. I don't know if we can get there but technically spot on and certainly possible. It is also interesting not that the current intermediate EW count remains valid while price remains 1200 (rounded off). Good luck trading.
Weekly chart and link to full thread if you are interested:
Daily chart:
fiki
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@tuamen, Thanks for the long term perspective. It's refreshing compared to the short-term noise. =)
I'm also not quite sure whether we're really go down to $1500. Would be quite a drop. But if we reach $4000 and assuming to mine 1 BTC costs $3000 - $6000 (in average or even more, depending on the country) I can imagine that a panic selling may be triggered if we start heading lower. Interesting times ahead for BTC.
fiki
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Getting closer to $6000 =)
JYJ
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No it's not gonna happen that way 100%. Don't expect the new cycle until the bubble completely burst. You will see the bottom first and then accumulation which takes more than a year.
erovz22
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not gonna happen man
TreeTruffle
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beginning of bullish trend for a harmonic pattern on the rsi.
Weekly chart and link to full thread if you are interested:
Daily chart: