I noticed today nobody has been charting the BTC/CAD pair regularly.
The problem with the BTC/CAD pair is that it doesnt "convert" perfectly from USD to CAD and depending on the exchange you are using you might experience volume problems when buying or selling.
That being said we are looking at a play of about $1000 CAD. BTC is set to slide to around the $6500 USD mark as it completes the head and shoulders pattern it has been tracing for the last number of days.
The best way to play the BTC/CAD pair is to look at the pairings for other currencies and infer from there. The CAD/USD exchange is unlikely to dramatically change - so we can use the USD graph as a secondary resource and predict that BTC will in fact go down in CDN.
My target is $8400 CDN - this doesn't imply that it will not drop any further after it reaches this point. Technical Analysis has its limits in this regard - what happens after this pattern completes and it hits it target is anybodies guess. History seems to repeat itself with BTC - so I expect once we hit the "bottom" of this pattern we will quickly jump back up to 10k. This could be a quick play or we might continue moving sideways or down for some time.
The problem with the BTC/CAD pair is that it doesnt "convert" perfectly from USD to CAD and depending on the exchange you are using you might experience volume problems when buying or selling.
That being said we are looking at a play of about $1000 CAD. BTC is set to slide to around the $6500 USD mark as it completes the head and shoulders pattern it has been tracing for the last number of days.
The best way to play the BTC/CAD pair is to look at the pairings for other currencies and infer from there. The CAD/USD exchange is unlikely to dramatically change - so we can use the USD graph as a secondary resource and predict that BTC will in fact go down in CDN.
My target is $8400 CDN - this doesn't imply that it will not drop any further after it reaches this point. Technical Analysis has its limits in this regard - what happens after this pattern completes and it hits it target is anybodies guess. History seems to repeat itself with BTC - so I expect once we hit the "bottom" of this pattern we will quickly jump back up to 10k. This could be a quick play or we might continue moving sideways or down for some time.