Hello fellow crytpoheads, I thought I might go through some longer term projections in this analysis. On the daily chart the most important line is the green support line which as shown has now supported three attempts to break it. While the three lows are bouncing higher, the corresponding highs are also lower. After some time this formation, a massively bullish descending triangle (green lines) will eventually erupt upwards when closer to the apex. The yellow waves are a conservative representation of where I believe are the major pivot points going right through until the rest of the year. The expected growth is not spectacular because breaking the resistances will be difficult. For the next month $BTC will test the first major resistance at $8800, before sliding back to the support and on to $10k and then $12k as illustrated. The first test will be to break the solid yellow trend line above at about $8100. As you can see I have most of the price movement confined within the trend lines that act as the theoretical floor and ceiling. Also after researching the historical data I found in late 2013 BTC went up 1000% like late last year. It then took one whole year of slow decline to hit the bottom and only recovered to the original price 2 years after that in early 2017. So the point is market cycles will take time and I am coming to the realisation that BTC recovery might take longer than we think. I think you will see more analysts conforming to this idea as we enter the second half of the year. The good news is BTC will fluctuate, but not be testing $6000k or below anytime if at all. Onwards and upwards!!!!!
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*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.