silverman29
Long

Simple BTC Forecast Using Fibonacci & Trend Lines

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
A downward facing wedge being formed is indicative of bullish force in the near future, over the past 40 days, the distance between the top and bottom of the wedge (displayed in red) has been decreasing. Sellers are also decreasing at a steady rate... at the point where the top and bottom trend lines meet, there is a high probability that the price will begin its journey to recontest 14000, 17000, & 20000, ive drawn white lines that get less visible as the price gets harder to predict.

This is my first published idea so excuse the unprofessionalism.

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Comment: So far, the price is following the prediction lines I laid out, it appears as though a drop is emerging however in my opinion (based off of historical support zones) it won't be long before the next rally starts. The next major obstacle is at around 14k.
Comment: I've noticed that my prediction timeframe was slightly inaccurate however, the price is following the levels that i had previously market out.
Update - A dip to 6k was observed (breaking below the bottom red support line) however within a few hours it was making a move for the upside, so far the price has been following the white forecast line... Waiting for the resistance to start coming in at around 11800.
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