Hello all. Happy to share my thoughts about BTC here.
I projected the Wijckoff cycle of Accumulation on the falling wedge, which started at the end of 2017. A falling wedge is commonly known as a reversal pattern. An uptrend can be expected in 2019.
The bottom (Spring) of this cycle is near. I guess somewhere in the last week of september or the first week of october BTC will find bottom in the range of $5750 - $5560.
First uptrend after the Spring could find resistance on the upper resistance line followed by a correction to 'Test' level (same level as ST in Phase B ($5800 - 5750 range).
After support on the Test, an uptrend will cause a breakout out off the falling wedge (targetprice: to be defined).
After breakout the next correction should find support on the previous upper resistance line, which is also the same price level as SC in the Wijckoff pattern ($6000 - 5950 range). When found support on this level, the only way is up for a long time.
Thank you for listening to my idea. Where do you think BTC will go in 2019?
Please leave a comment and like if you appreciated this sharing.
-McKing
I projected the Wijckoff cycle of Accumulation on the falling wedge, which started at the end of 2017. A falling wedge is commonly known as a reversal pattern. An uptrend can be expected in 2019.
The bottom (Spring) of this cycle is near. I guess somewhere in the last week of september or the first week of october BTC will find bottom in the range of $5750 - $5560.
First uptrend after the Spring could find resistance on the upper resistance line followed by a correction to 'Test' level (same level as ST in Phase B ($5800 - 5750 range).
After support on the Test, an uptrend will cause a breakout out off the falling wedge (targetprice: to be defined).
After breakout the next correction should find support on the previous upper resistance line, which is also the same price level as SC in the Wijckoff pattern ($6000 - 5950 range). When found support on this level, the only way is up for a long time.
Thank you for listening to my idea. Where do you think BTC will go in 2019?
Please leave a comment and like if you appreciated this sharing.
-McKing