It looks like the price is in a falling wedge type of pattern right now, and the breakout could go to the upside giving bitcoin huge potential for approaching $10,000 USD again. Let me know what you think in the comments, like the idea if you agree, and follow me for more price predictions in the future!
If bitcoin cannot break resistance at $6,800 and trigger a short squeeze, the price could test lower lows of around $5,426 USD in the coming weeks.
This is a worst case scenario in my opinion.
It could take some major news, such as the CBOE Bitcoin ETF being approved by the SEC to set off any earlier bull run.
While the price is above the support 4966.90, resumption of the uptrend is expected.
We make sure when the resistance at 8200.00 breaks.
If the support at 4966.90 is broken, the short-term forecast -resumption of the uptrend- will be invalid.
The RSI bounced from the support #1 at 26 and it prevented the price from more...
Looking at a longer term chart.
This descending triangle could break. If that happens then the technical target based on the length of the left side of the pattern gives a price of 1800.
As it happens the last major low is at 1826 so it does tie in quite nicely.
However, is is possible that it break out of the pattern upwards. This would be extremely bullish,...
Using wave analysis of the 12 month moving average I've made this prediction about what the bitcoin price could reach in 2020 if the wave pattern continues.
There is also the raising cost of producing bitcoin, the fact that there is a limited amount of bitcoin, and the difficulty level of mining bitcoin increasing with time. All these things are likely in my...
So far the lowest resistance line of $5590 has not been tested, but the other two above it have. Once this line is tested and if the bears get a strong rejection we can then start to see a come back for the bulls.
There is no trend in the market and the price is in a range bound, but we forecast resumption of uptrend.
. The RSI bounced from the support #1 at 26 and it prevented the price from more losses.
. The RSI downtrend #2 is broken, so the probability of resumption of uptrend is increased.
. Price is below WEMA21, if price rises...
Bitcoin analysis based on @CarpeNoctom @bravenewcoin article. C-clamp of 15% with bull div looking very similar to April's 16% C-clamp with bull div. Close above high volume $6800 level suggests we see $7800-$8200 based on confluence of Kijun + 89, 144 and 233 EMA.
We are currently looking at a bearish pennant on the 4 hour chart which I think personally will break down and towards target of 6100-5800
For the BULL case we would need a massive rally that would smash through the red ichimoku cloud and CLOSE ABOVE 6900. Until then.. watch this space over the coming days
Take a look at this daily chart, as we have now smashed through that support level highlighted in the red dotted line we could now be onway down to 5-6k region.
This would make sense with us completing a full TRIPLE correction (WXYXZ). This correction could take weeks/months to fully complete before we see anymore bull markets.
The weekly has also...
Chart explains it all really. The daily close tonight needs to close above 7780 for the weekly candle not to be deemed bearish. At this moment of time this seems far fetched however stranger things have happened in the crypto world!
Currently we have 3 targets for bear scenario, which are labelled on the chart. If we hit that range, I will chart it again...
. While the price is above the support 6000.00, resumption of uptrend is expected.
. We make sure when the resistance at 9774.80 breaks.
. If the support at 6000.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.
.While the RSI support #1 at 30 is not broken, the probability of price decrease...
While the price is above the support 6000.00, resumption of uptrend is expected.
We make sure when the resistance at 9774.80 breaks.
If the support at 6000.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below...