Just my predictions after watching 4-5 traders predictions, I feel that it can go two ways. Both bullish, but I think the timeframe is going to take longer than others who are predicting it. But, be patient!
My current high probability bounce zone is somewhere in the box. I'm using box-entry as an eyes-on trigger. I don't intend to open a long position until I see a wave 1 candidate materialise in that zone (see bottom left for the previous)..
Justification for box bounds:
(i) Intersection of base and deceleration channels
(ii) wave A-B length parity confluence
So, using the DMI indicator on daily .... noticed that the red line is very rarely on the bottom. Every time it goes low it seems to confirm the overall trend direction when the blue line crosses with the orange.....
Watch out for the 3rd of October! Full year from bull run confirmation, coincidence perhaps?
So currently blue line looking down so trend is...
Viewing the daily BTC GBP chart since the ATH 2017, I noticed a pattern emerging that has ZERO to do with any currently known or observed market/price movement,
so I would consider this utterly random, and to be viewed entirely as co-incidental and NOT as any kind of realistic price action.
THIS IS NOT TA or any attempt at any meaningful or established TA, so...
Pulled back from our bearish decline to around 4300.
Broke out of minor resistance at around 4700 and is looking to push up and out.
Currently at 5000-5100 area looking for push at least to around 52-5300.
More of a long term move is through our zone and to the 61.8% level of the fib.
Just from a basic level of chart viewing, seems to me the short term (1-5 d) top and bottom continually tested... a breakout toward lower is (in my opinion) what charts show BUT i feel that momentum/flock trades and their impact in coming weeks/months influence me to Buy.
BEST OF LUCK - To all!
PS. My thanks to James Winsoar for his guidance and helpfulness! ...
Patience... Wait for a clear signal to go long. Either a strong bounce from support or breakthrough of support then bounce of a lower level.
USD is still weak and news isn't supporting the strength of crypto at the moment.
This might look a bit complicated to start with - and that's for good reason. Markets are complicated.
Its easy to make something complicated. It's hard to make something simple. I've attempted to simplify what's going on - without looking at chart patterns. These are really good at explaining what's going on, then a breakout occurs either before or after...
A bearish flag has formed and held as a hard support, however, I believe eventually it will break and reach the targets I've set. Using Fibonacci to calculate the targets.
I'm using GBP as it's my currency but the targets can just be converted :)
PEACE, LOVE & CRYPTO