This is the BTCUSDT daily chart from poloniex. First I was looking for main trendlines on the downside.
You can clearly see the increasing gradient of m.3 at 03/24. I think that most of this parabolic momentum is about to crash to the level of m.2 the next days. Without analysing you can treat 2000 USD as target because of the psychological priority.
We can also be pretty sure that it won't crash to the level of m.1 because of the massive attraction the currency gained until now.
- Gradients m.2,m.3:
m.2 = p.2 / t.2 =
= 408,19 USD / 233 d =
= 1,752 USD/d
m.3 = p.3 / t.3 =
= 1116,19 USD / 86 d =
= 12,98 USD/d
- m.2 in ratio to m.3:
m.3 / m.2 = 12,98 USD/d / 1,752 USD/d =
= 7,41
So the chart accelerated 741%. Even though Hedge Funds begin to invest high amounts into Bitcoin I don't expect it to get boosted that much. So this parabolic deflection won't last forever.
By constructing a triangle out of the trendlines from the latest trendlines there is an intersection at 2800 USD. I used this as virtual target to process the fib levels. As a test I applied another fib retracement to Area 2.
TP = 2000 USD
TP_75 = 2344 USD
TP_61 = 2123 USD
TP_50 = 1900 USD
TP_382 = 1694 USD
TP_25 = 1450 USD
TP_0 = 1010 USD
t_A = 06/15
t_B = 08/13
Happy Trading :)
You can clearly see the increasing gradient of m.3 at 03/24. I think that most of this parabolic momentum is about to crash to the level of m.2 the next days. Without analysing you can treat 2000 USD as target because of the psychological priority.
We can also be pretty sure that it won't crash to the level of m.1 because of the massive attraction the currency gained until now.
- Gradients m.2,m.3:
m.2 = p.2 / t.2 =
= 408,19 USD / 233 d =
= 1,752 USD/d
m.3 = p.3 / t.3 =
= 1116,19 USD / 86 d =
= 12,98 USD/d
- m.2 in ratio to m.3:
m.3 / m.2 = 12,98 USD/d / 1,752 USD/d =
= 7,41
So the chart accelerated 741%. Even though Hedge Funds begin to invest high amounts into Bitcoin I don't expect it to get boosted that much. So this parabolic deflection won't last forever.
By constructing a triangle out of the trendlines from the latest trendlines there is an intersection at 2800 USD. I used this as virtual target to process the fib levels. As a test I applied another fib retracement to Area 2.
TP = 2000 USD
TP_75 = 2344 USD
TP_61 = 2123 USD
TP_50 = 1900 USD
TP_382 = 1694 USD
TP_25 = 1450 USD
TP_0 = 1010 USD
t_A = 06/15
t_B = 08/13
Happy Trading :)