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I Believe there is an 80% Chance we hit 5k
I see little reason for Bitcoin to fall through this support as none of the past rallies did - I Think we can consider 5k as the bottom which lines up quite well with September/October which would allow consolidation for December run as always.
There are a few other charts i have and have reviewed that would line up ...
So it would appear by this simple and practically irrelevant lines that sometimes work and other times don't.
As we can see by my relatively poorly drawn imaginary lines BTC has formed a simmilar pattern each time we have broken down lower.
Now. Im by no means suggesting that this is any form of advice this is meerly a personal perspective I've whipped together ...
| Summary |
Fuelled by the perfect storm of uncertainty in Asia, regulatory pressure in the US, lack of market exuberance and over extension in price action, the 100d MA Bull to Bear Cycle has now completed with price action hitting the 100d MA support on 16/01/18.
The current cycle lasted a total of 124 days, which is an over extension of 8d past the average ...