Downtrend validated by
Lifetime fib breakdown 0.618 @ $141.81
Golden Ratio lifetime fibs 61.8% and 38.2%
GANN breakdown of 2/1 sends price to 3/1
Continued downtrend shows confluence
of support and indicates bottom @ 4/1
1st Target BUY level -- $94.36-97.47
2nd ALL-IN BUY level -- $68.90-79.81 @ 8/1 GANN line
Must break out of golden ratio to confirm...
if you draw a time based fib from 5.8k resistance oct 2017 turned support in 2018, accumulation should last a few more months with sideways range - new moon eta January 2019
though bb contraction and tax sell-off could push a significant move earlier. but if we break down, the weekly 200 MA @3k will be strong support. Rarely in the historical data has btc...
Prepare for a flip in psychology.
Traditionally a descending triangle is a bearish continuation pattern. Chart patterns are merely a representation of psychology. The further the pattern completes the more the psychology changes. Typically a descending triangle has the highest probability of bearish breakout at 2/3rds from completion (Edwards and McGee, 1948)....
Monthly Long term play; pitchfork - 7-9 month adoption cycle
breakdown of upper trend (blue area) in december 2017 will spark sell pressure
bounce expected at median trend line (red)
median trend supported with long-term trend line (yellow)
9 month close EMA provides additional support (green line)
if red and yellow trends lines are broken,
expect massive sell...