Disclaimer: I am new to TA and learning
I am interested in long term historical trends and whether they are useful indicators of future performance. I was looking at the last low point and high point over a number of years. It looks like the low point was August 2013. From this point BTC price increased along the lower trend line, touching the trend line in May (nearly) and October 2016 and January and March 2017. From March 2017 the price rose away from the previous trend line to the high of December 2017.
From the December high, there appears another trend line to the lower highs of January, March, April and June 2018. Both of these trend lines meet at about $4250 in September 2018. I then drew a Fib retracement from the August low of 2013 to the December high of 2017.
What I have found interesting is that the Fib retracement levels closely match the price decline from December 2017 to now. Also that the .0.78 fib retracement level closely hits where the 2 trend lines meet at around $4250!
Now, as I said, I am new to this and could be using the technical indicators incorrectly but I just thought I would throw this out there as an idea. I would prefer BTC to suddenly wake from its slumber and head for the clear blue sky's but there is also plenty of talk about BTC hitting $4k. Who knows, it might be $4250 on the 30th Sep 2018!!
I'm not interested in random abuse, but certainly welcome advice and guidance on Technical Analysis :-)
I am interested in long term historical trends and whether they are useful indicators of future performance. I was looking at the last low point and high point over a number of years. It looks like the low point was August 2013. From this point BTC price increased along the lower trend line, touching the trend line in May (nearly) and October 2016 and January and March 2017. From March 2017 the price rose away from the previous trend line to the high of December 2017.
From the December high, there appears another trend line to the lower highs of January, March, April and June 2018. Both of these trend lines meet at about $4250 in September 2018. I then drew a Fib retracement from the August low of 2013 to the December high of 2017.
What I have found interesting is that the Fib retracement levels closely match the price decline from December 2017 to now. Also that the .0.78 fib retracement level closely hits where the 2 trend lines meet at around $4250!
Now, as I said, I am new to this and could be using the technical indicators incorrectly but I just thought I would throw this out there as an idea. I would prefer BTC to suddenly wake from its slumber and head for the clear blue sky's but there is also plenty of talk about BTC hitting $4k. Who knows, it might be $4250 on the 30th Sep 2018!!
I'm not interested in random abuse, but certainly welcome advice and guidance on Technical Analysis :-)