Weekly Bitcoin Analysis and Price Prediction.
Updated
For the beginning of December we have seen some pretty heavy price swings between the range of 7600-7200 USD, with a few wicks to the 7700 level, and the 7100 level.
I've drawn two bear channels of resistance and support indicated by the red lines.
The Upper bear channel seems to be a good region for taking small short trades with a stop loss at the top of the uppermost red line, and profits being taken below the middle red line, in the lower bear channel.
If you zoom out (ill post a pic below) You can see a Bullish channel formed as well indicated by the green wedge, which gives us a short-midterm ceiling of about 9k. I'm not expecting us to reach these level, but a short term retest into the green channel is very possible.
The key level seems to be around 7450 USD right now. Above this level bulls start to make small gains. Below this level, bears are continuing to great "Bart" patterns, by immediately selling off any quick swings to the upside after a small period of level trading.
Expect the price to gravitate towards 7300 with lots of short and long squeeze's coming in, An excess amount of Stop Loss Hunters are clearly in the water.
Most likely we will continue to put in lower highs, and higher lows, continuing the signal of a bear market.
It's been about 7 months of this trend. Following the 2017 High of 20k, we put in 13 consecutive months of downward action. With about 6 months left until the havening. I'd say that puts us right on track.
Prediction:
Target range of 7.5k-6.5k for Month of December.
30-50% chance of Upward swings to the 7800-8400 Region, with 70-90% chance of Return to 7.5k region.
50-70% chance of 6.8k levels.
Very Possible outcome of 6.5k-5.5k bottom in January. Expecting slow bullish momentum from Feb-May 2020 with a target of 9k-10k by May 2020.
Keep in mind there's also the possibility of a SHTF scenario where we see rapid price swings between 10-6k, however i feel bitcoin's days of such insane volatility are slowing down until we see new all time highs. At which point they will return.
Thank you for indulging my forecasts.
I've drawn two bear channels of resistance and support indicated by the red lines.
The Upper bear channel seems to be a good region for taking small short trades with a stop loss at the top of the uppermost red line, and profits being taken below the middle red line, in the lower bear channel.
If you zoom out (ill post a pic below) You can see a Bullish channel formed as well indicated by the green wedge, which gives us a short-midterm ceiling of about 9k. I'm not expecting us to reach these level, but a short term retest into the green channel is very possible.
The key level seems to be around 7450 USD right now. Above this level bulls start to make small gains. Below this level, bears are continuing to great "Bart" patterns, by immediately selling off any quick swings to the upside after a small period of level trading.
Expect the price to gravitate towards 7300 with lots of short and long squeeze's coming in, An excess amount of Stop Loss Hunters are clearly in the water.
Most likely we will continue to put in lower highs, and higher lows, continuing the signal of a bear market.
It's been about 7 months of this trend. Following the 2017 High of 20k, we put in 13 consecutive months of downward action. With about 6 months left until the havening. I'd say that puts us right on track.
Prediction:
Target range of 7.5k-6.5k for Month of December.
30-50% chance of Upward swings to the 7800-8400 Region, with 70-90% chance of Return to 7.5k region.
50-70% chance of 6.8k levels.
Very Possible outcome of 6.5k-5.5k bottom in January. Expecting slow bullish momentum from Feb-May 2020 with a target of 9k-10k by May 2020.
Keep in mind there's also the possibility of a SHTF scenario where we see rapid price swings between 10-6k, however i feel bitcoin's days of such insane volatility are slowing down until we see new all time highs. At which point they will return.
Thank you for indulging my forecasts.
Note
Here is a zoomed out picture Showing The trends from the month of November.
Here you can get a better idea of the bullish momentum caught within the bearish channel.
Overall we are still bullish on the 5 Year chart.
Note
Lets see how this plays out
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.