A Price Forecast for Bitcoin / U.S. Dollar
Bitcoin / U.S. Dollar, with the symbol BTCUSD, formed an inverted head and shoulder pattern on January 12, 2021. If Bitcoin continues to trade in the two parallel channel lines then, I believe this will be the path to how Bitcoins will retest the previous high.
This price forecast is made based on the following concepts:
Channel Trading
Moving Average
Mean Reversion
Supply & Demand
Support & Resistance
Fib Lines
Trend Analysis
Wave Principles
However, if the price fails to continue in that two parallel channel lines then we are looking at Bitcoin/ U.S. Dollar trading in a narrow price range between 31414.91 and 35292.89 and possibly facing ahead more selling pressure. If that happens, this price prediction will be invalid and a new price prediction will be needed later.
Thank you for reading!
Greenfield
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Disclosure: Chart interpreted and article prepared by Greenfield. A market idea by Greenfield Analysis LLC for educational material only.
Bitcoin / U.S. Dollar, with the symbol BTCUSD, formed an inverted head and shoulder pattern on January 12, 2021. If Bitcoin continues to trade in the two parallel channel lines then, I believe this will be the path to how Bitcoins will retest the previous high.
This price forecast is made based on the following concepts:
Channel Trading
Moving Average
Mean Reversion
Supply & Demand
Support & Resistance
Fib Lines
Trend Analysis
Wave Principles
However, if the price fails to continue in that two parallel channel lines then we are looking at Bitcoin/ U.S. Dollar trading in a narrow price range between 31414.91 and 35292.89 and possibly facing ahead more selling pressure. If that happens, this price prediction will be invalid and a new price prediction will be needed later.
Thank you for reading!
Greenfield
Remember to click "Like" and "Follow!"
Disclosure: Chart interpreted and article prepared by Greenfield. A market idea by Greenfield Analysis LLC for educational material only.
Trade closed: target reached
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