What exactly have I done here? Well, my inexperience definitely shows. What I have been looking for a easy to see patterns such as the teacup or head and shoulders patterns. Added to that are simple resistance/support lines which I feel are important to the price movement. In the end, I have come across a double head-and-shoulders pattern, superimposed on each other. One is a standard pattern while the other is an inverted pattern.
What does this mean? Who the hells knows! I have read a few research papers and most are predicting a continued bear run. One paper suggested that we are in a major correction and that BTC will go down to the $2500 mark. Is that possible? I think so. If the H&S holds and BTC breaks below the thick band of support around the $6300-$6000 mark then it will fall accordingly, but will have to break through the other red support levels. Another theory, which may be more accurate, came from D4rkEnergY in April/May sometime. He predicted a drop to $4800. Yes, he got a lot of negative comments about it, but looking at the graph I don't think he is far off.
On the other hand, there is a possibility that the inverse will happen and BTC can climb to $8000. However, there is a lot of resistance to that and will have to break free of the $8000 band clearly and well into the $9000 band to truly be in a bull market. From there, I think the next major resistance will be about the $12000 mark.
This is just my take on what is happening. I feel that BTC will dictate the movement of the other crypto currencies.
But don't take my word on this, I'm just a beginner. Do your own research and analysis before commenting.
What does this mean? Who the hells knows! I have read a few research papers and most are predicting a continued bear run. One paper suggested that we are in a major correction and that BTC will go down to the $2500 mark. Is that possible? I think so. If the H&S holds and BTC breaks below the thick band of support around the $6300-$6000 mark then it will fall accordingly, but will have to break through the other red support levels. Another theory, which may be more accurate, came from D4rkEnergY in April/May sometime. He predicted a drop to $4800. Yes, he got a lot of negative comments about it, but looking at the graph I don't think he is far off.
On the other hand, there is a possibility that the inverse will happen and BTC can climb to $8000. However, there is a lot of resistance to that and will have to break free of the $8000 band clearly and well into the $9000 band to truly be in a bull market. From there, I think the next major resistance will be about the $12000 mark.
This is just my take on what is happening. I feel that BTC will dictate the movement of the other crypto currencies.
But don't take my word on this, I'm just a beginner. Do your own research and analysis before commenting.
Comment:
Just something to add here. Keep an eye on the SEC announcement on BTC EFT. They have until the 30 September to decide. This will play a major role in the direction of BTC