BTCUSD is still fluctuating around the red dashed downtrend line. This sideward movement will probably continue until BTCUSD touches the blue curve again and reflects upwards. There is a quadruple support (blue circle) that will keep BTCUSD above the blue curve: 1. Support level S1 at 10029. 2. Support level 10128. 3. The blue curve. 4. The blue, thin, dotted downtrend line.
Alternative scenario: If BTCUSD breaks the blue curve, the old target 5511 comes into play again. However, it will be very unlikely that the blue curve will let go. Pivot point is at 10547. As the above-described scenario will happen below Pivot point, a bearish touch will be added to the described scenario.
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While many chartists only predict “uptrend” or “downtrend”, in reality, a chart often moves sideways in narrow swings. Therefore, I try to predict sideways movements. In such times, the further direction of a chart is undecided or the moves are smaller than the spread of the traded cryptocurrency. It is best to stay on the sideline in such times.
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Here are two previous ideas, which predicted the actual development of BTCUSD.
Uptrend is still valid. February 21, 2018.
At the crossroad. February 26, 2018. For the first time, the blue curve comes into play. Until today, March 1st, 2018, BTCUSD developed along that blue curve.
Very nice! As you can see though every bounce is sold off though it shows more upper pressure. We may have a breakout with a throwback. We may continue trading in the range or we may have plunge from here. Most people count on breakout at this point. I don't really.