Bitcoin Experimental Prediction (Updated)

Updated

This is the updated chart from yesterday, I added some areas where I think there is potential for a rebound.

Important resistance areas going higher:
- $9200 - $9300 (unlikely to see again right now).
- $8800 - $8900

Important resistance areas going lower:
- $8250
- $7250 - $7350

Drop areas to watch for:
- $6000 - $6200
- $5400 - $5900
- $4800 and below.

Zoom in to see things closer and zoom out to see more lines noted below. I apologize again for how busy the chart is.

Comment

It should be noted that these potential rebound areas if BTC drops this way are likely to have very short time frames (with the exception of the one at the $7200-7300 range, which is a tough resistance area).

Also of note, I think the general target right now will be more in the $5400 - $5900 range. The zones lower than that are presented as possibilities.

Comment

The $8885 price line was hit again almost exactly in the corner predicted. We are now moving sideways with very low volume and have been hovering around this $8800-8900 area. There is a tendency for very fast bursts to result from this kind of thing, so be aware as we tend to see the beginning of new action late Sunday and early Monday.

Comment

There's a good chance we'll be seeing a brief retrace to the $8800 - 8900 area. Watch for movement that breaks into the area of $9250-9350, which will signify a further move up. Also watch for rejection going into either price areas, which will signify a move back down ($8200 - 8300 area re-test).

Comment

The cyan arrow is what we're looking at, completion of a "W" pattern. You'll see I've also begun adjusting the chart for timing and potential rebounds.

Comment

With the markets opening up this morning, Bitcoin has been dropping after a weekend of little movement.

Right now the areas to watch for are $7250-7350. Should we break this important resistance area, expect a continuation of the downwards trend. A rebound at that level is likely, but with the current trend, we are still looking to go down more and revisit $6000-6200 area and below perhaps by later in the the week. Keep an eye on the important lines. . .

Also see my previous chart, the squared-expected area for pricing is still highly relevant to the current moves of Bitcoin:

Bitcoin & The Case of the Snake Catching Prey Updated

Comment

I got a few questions about the rebound lines I drew. They should be used as an area indicator and the price lines used for shorts if you are doing those. So for instance I have a rebound (down and up line) between $7350 - $8250. In between those lines there is $7850 & $7575 (see the right side of the chart for exact numbers). So those are the important lines I've indicated between that you could consider using or comparing (along with the hit areas themselves).

Comment

So after getting the general descent pattern down, but not perfect timing, Bitcoin is now aligning closer to the chart as it descends. Watch for the $6950 area support and see if we get a candle close there on the 4hr. We've already had substantial break through in an earlier wick.

Comment

The $6600 area was hit, but there's been a rebound in this zone close up to (but still under) the resistance area of $7200. Note that something similar occurred between $7300 and $8200 zone? The price sidelined awhile more than once at varying levels between there but down we continued.

I expect another push down very soon that will break through the $6600-6700 area and Bitcoin's descent will continue. No signs this drop is over yet. Watch for the reaction around $6450 when the above is breached.

SpectreX

Related publications

Bitcoin Experimental Prediction

by SpectreX

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