Here's my forecast for Bitcoin looking at a 1 year period.
Background:
Initially I believed Bitcoin was trading past the halfway point of its correction that started at the end of 2017, and so we planted some key levels to watch (and trade) and tried to gauge the timing of the remaining consolidatory period (the most important part!). This led to the following forecast:
I forecasted a price of approximately $2,000 USD before May 2019, however price breached to the upside during April 2019 to change the overall market structure. Now it is apparent that we are not at the half way point of the bear market yet. For more information please see the following:
Key levels to watch:
Q3-Q4 2019 - Currently the price is hanging between the $6,000 support level and $8,000 resistance level, which will expire on October 14, 2019 and likely resolve to the downside.
Q1 2020 - Below $6,000 we have strong support at $4,000 and should anticipate a consolidation around this level for the first few months of 2020.
Q1-Q2 2020 will likely result in downside continuation and I anticipate reaching the previously anticipated $2,000 level around this time next year.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Background:
Initially I believed Bitcoin was trading past the halfway point of its correction that started at the end of 2017, and so we planted some key levels to watch (and trade) and tried to gauge the timing of the remaining consolidatory period (the most important part!). This led to the following forecast:
I forecasted a price of approximately $2,000 USD before May 2019, however price breached to the upside during April 2019 to change the overall market structure. Now it is apparent that we are not at the half way point of the bear market yet. For more information please see the following:
Key levels to watch:
Q3-Q4 2019 - Currently the price is hanging between the $6,000 support level and $8,000 resistance level, which will expire on October 14, 2019 and likely resolve to the downside.
Q1 2020 - Below $6,000 we have strong support at $4,000 and should anticipate a consolidation around this level for the first few months of 2020.
Q1-Q2 2020 will likely result in downside continuation and I anticipate reaching the previously anticipated $2,000 level around this time next year.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
