If I am reading the charts right, we may be on target to double our price point in less than 40 days.
Points for this bold (almost ludicrous) prediction include:
- Out of all bearish downtrend channels on the daily - Inverse head-and-shoulders forming on the daily - Key levels held during this last downturn - Bitcoin should now be back on it's 60 day cycle pattern (first 45 UP, last 15 DOWN)
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This is still a valid inverted right shoulder friends. And we are resting on huge solid support that has not been broken since March of 2017, over one year!
If it breaks, we may be screwed. Until it breaks, I am as bullish as can be. There is no better buying opportunity than right here. Right now!
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Just remember, the BLACK trendline has NOT been broken since March of 2017. I still believe there is NO better time to buy than right here, right now!
I have adjusted my cycle times according to the latest price movement in the above chart. See the RSI section.
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Ooops. Realized I forgot to adjust the upper part to parallel the RSI. Sorry. Here it is.
But what about the weekly charts ? (I love my charts lean and simple :) )
We had RSI going below 50 for the first time in two years, then it tried breaking back up, went down, tried once more but broke down and is now steadily below 50. If BTC breaks the weekly 50MA or the november trendline, we could see a freefall down to 3.5-4k US$ levels.
Personally, everything on the weekly is pointing downwards. And if we do break that 50day it's down the hill for the next couple of months...
stewdamus
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@janjnv, Yes, I agree regarding the weekly RSI. Regardless, there remains one thing at this moment that keeps me bullish, we have not broken that long trending Mar 2017 line. If we break it, we are screwed. That is the only item at this moment that separates me from becoming bearish. Until we break this support, I am a bull.
mgal
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Hi Phil and thank you for your analysis, can we have an update please ?
But what about the weekly charts ?
We had RSI going below 50 for the first time in two years, then it tried breaking back up, went down, tried once more but broke down and is now steadily below 50. If BTC breaks the weekly 50MA or the november trendline, we could see a freefall down to 3.5-4k US$ levels.
Personally, everything on the weekly is pointing downwards. And if we do break that 50day it's down the hill for the next couple of months...