BTC has broken through the bright red line on the long term uptrend and if it confirms by midnight UTC then we'll likely see a bearish continuation with a drop to test the $6000 mark.
A bounce may be expected and a third test of 6000 could yield a drop to around 4000.
Time is a factor here and the slower the descent the better the chances of not getting that low,...
The long term channels have given us a crossroads and depending on the route BTC takes in the next few weeks, it will likely have a long term impact on BTC.
Going down through the bright red line could result in a pattern much like the Dotcom bubble which had an 80% drop.
Alternatively if BTC breaks up through the light green line before April, the bullish...
These channels are based on best fit of multiple touch points from mid-2017 to the present.
This chart shows where a possible new bottom could form at around 7000 but nothing is certain.
My buy points
o Fib @ 9278 and 9500 resistance
o Resistance at 7800-8000
o Resistance on the light green line
o Intersection of the purple trend line and the recent bottom at...
Long term uptrend could happen as long as the pattern continues in top half of the pitchfork while breaking through the long downtrend line.
Short term downtrend more likely given multiple resistance levels just overhead, bulls to lose steam and downturn possibly testing bottom of pitchfork.
This is not intended to be trading advice.
Randgold may find support at the 0.618 fib retracement level but with current momentum the next support level down at 5638 is more likely.
RRS will likely see resistance at the previous support level of 6668 and 0.5 fib level.
I'm expecting RRS to trade within the above channel as the gold price improves but talks continue in Africa between the miners and the...