Right, leading on from our Bitcoin Halving - Past, Present & Future analysis a few weeks ago, where we predicted a BTCUSD price of $11,000 to $12,000 by the 12 May (expected halving date); we've drawn another graph on the Daily market and the results are interesting.
Take a look at that upward channel, quite a slope on there, right? If you were to extend that channel forward to the 12 May you'd get price predictions as stated above, between $8200-$10,400. The upper end of this price range ($10,400) also draws a nice horizontal ray with previous resistance from February and the Autumn last year.
This area will probably act as resistance again, once $10,400 is hit, expect a decline in price (maybe to $9250, maybe lower) before the slow build upward to new ATH levels - 2021... 2022...
The other scenario is that this upward channel is broken out from, and not downwards! This breakout (if it were to happen) would lead price straight upward. It will of course still have resistance to get through at $10,400, but a breakout of this magnitude we think would pass through any resistance and make it to the next level at about $12,000.
Let us know your thoughts!
Good Luck & Happy Trading
-theCrypster
Take a look at that upward channel, quite a slope on there, right? If you were to extend that channel forward to the 12 May you'd get price predictions as stated above, between $8200-$10,400. The upper end of this price range ($10,400) also draws a nice horizontal ray with previous resistance from February and the Autumn last year.
This area will probably act as resistance again, once $10,400 is hit, expect a decline in price (maybe to $9250, maybe lower) before the slow build upward to new ATH levels - 2021... 2022...
The other scenario is that this upward channel is broken out from, and not downwards! This breakout (if it were to happen) would lead price straight upward. It will of course still have resistance to get through at $10,400, but a breakout of this magnitude we think would pass through any resistance and make it to the next level at about $12,000.
Let us know your thoughts!
Good Luck & Happy Trading
-theCrypster
Comment:
Hitting the range nicely! Perfect low/high trading within a range going on there - you're welcome!
