Gooood Afternoon! This is a trend analysis for
BTC
! lots going on so let's get into it. We are using a 4 hour chart with and RSI, 50 EMA (red) and 200 EMA (green). Two trend line sets are above in orange and purple. The purple trend set is a little more long term encompassing the past two months or so while the orange trend captures the most recent 30 days. A clear bull to almost a bearish flag pattern switch has been made contrasting the two trends. In an attempt to use both sets to predict a likely target, the most likely outcome for BTC is that it will stay in the green or red shaded triangle zone. Should we take a hard entry into the red zone, we can expect a good drop, I'll call $7500 bottom within the next 17 days if that happens. If we stay green and bullish then I'll call a $11,200 high within the next 17 days. The blue trend-line represents a five day trend with candles fitting rather neatly inside. I call this the black swan scenario; it shows BTC plummeting to $6000 in the next three days. This scenario is HIGHLY unlikely!!
BTC
! lots going on so let's get into it. We are using a 4 hour chart with and RSI, 50 EMA (red) and 200 EMA (green). Two trend line sets are above in orange and purple. The purple trend set is a little more long term encompassing the past two months or so while the orange trend captures the most recent 30 days. A clear bull to almost a bearish flag pattern switch has been made contrasting the two trends. In an attempt to use both sets to predict a likely target, the most likely outcome for BTC is that it will stay in the green or red shaded triangle zone. Should we take a hard entry into the red zone, we can expect a good drop, I'll call $7500 bottom within the next 17 days if that happens. If we stay green and bullish then I'll call a $11,200 high within the next 17 days. The blue trend-line represents a five day trend with candles fitting rather neatly inside. I call this the black swan scenario; it shows BTC plummeting to $6000 in the next three days. This scenario is HIGHLY unlikely!!