Bottom indicator is BBW - Bollinger Bands Width
Whenever the BBs were tight on weekly charts, we ALWAYS went up (even during the bear market in 2014 we went up 26% and hit the 55 EMA).
If we go up and hit the 55 EMA like in 2014, that'll be 7k.
Also, considering that trendline, here's a list of possible weekly lows based on the 2011 trendline we established:
15 Oct -21 Oct: $5,200
22 Oct -28 Oct: $5,320
29 Oct - 4 Nov: $5,440
5 Nov - 11 Nov: $5,555
12 Nov - 18 Nov: $5,680
19 Nov - 25 Nov: $5,800
26 Nov - 2 Dec: $5,930
3 Dec - 9 Dec: $6,060
10 Dec - 16 Dec: $6,190
17 Dec - 23 Dec: $6,321
24 Dec - 30 Dec: $6,460
Even if we were to hit any of those lows, we still won't expand the BB too much, as those lows are pretty tight
The slower we move from now on, towards December, the more violent will be the next move.
^Here's the Heiken Ashi chart - shows trends a bit more easily
Considering the very low price range we have below us now (check the list above), and considering the impact the BBW had on BTC price over the years, I'm very bullish on the long term potential of BTC.
Whenever the BBs were tight on weekly charts, we ALWAYS went up (even during the bear market in 2014 we went up 26% and hit the 55 EMA).
If we go up and hit the 55 EMA like in 2014, that'll be 7k.
Also, considering that trendline, here's a list of possible weekly lows based on the 2011 trendline we established:
15 Oct -21 Oct: $5,200
22 Oct -28 Oct: $5,320
29 Oct - 4 Nov: $5,440
5 Nov - 11 Nov: $5,555
12 Nov - 18 Nov: $5,680
19 Nov - 25 Nov: $5,800
26 Nov - 2 Dec: $5,930
3 Dec - 9 Dec: $6,060
10 Dec - 16 Dec: $6,190
17 Dec - 23 Dec: $6,321
24 Dec - 30 Dec: $6,460
Even if we were to hit any of those lows, we still won't expand the BB too much, as those lows are pretty tight
The slower we move from now on, towards December, the more violent will be the next move.
^Here's the Heiken Ashi chart - shows trends a bit more easily
Considering the very low price range we have below us now (check the list above), and considering the impact the BBW had on BTC price over the years, I'm very bullish on the long term potential of BTC.