Bitcoin Forecast - Gann Analysis
Updated
Ok this one is for my followers and is more of a heads up.
I'll start by saying that you shouldn't let anyone influence your trading decisions. The purpose of this post is to make sure you are using stops, particularly leading into March 3rd.
I am forecasting a low on March 3rd at either the current bottom ($6000) or if things get really crazy $3700.
I have come up with this date and price forecast using Gann's balancing of time, seasonal dates and repeating price ranges.
Of course I could be wrong but wanted to get it out there.
The chart will likely look confusing and messy with a lot of lines. This is a square of the all time high with angles placed from important tops and bottoms.
That's all for now. I'll follow up if things play out the way I'm expecting.
-AussieGann
I'll start by saying that you shouldn't let anyone influence your trading decisions. The purpose of this post is to make sure you are using stops, particularly leading into March 3rd.
I am forecasting a low on March 3rd at either the current bottom ($6000) or if things get really crazy $3700.
I have come up with this date and price forecast using Gann's balancing of time, seasonal dates and repeating price ranges.
Of course I could be wrong but wanted to get it out there.
The chart will likely look confusing and messy with a lot of lines. This is a square of the all time high with angles placed from important tops and bottoms.
That's all for now. I'll follow up if things play out the way I'm expecting.
-AussieGann
Note
A little commentary on the current price action. This image illustrates how the market reacts to the Gann angles and price resistance percentages of a range (the coloured boxes). You will often see a market bounce off these areas where the angles and price percentages meet. After the small drop from the top you can see the market landed on one of these support areas, rallied to the higher resistance area then has fallen away. This is a good sign that this market is heading lower as it has potentially formed a lower swing top and bottom on the 4 hour chart.Note
A quick update for you. You can see the market is still reacting to the various Gann angles. I'm still confident of a big move into the forecast date, however the size of the bounce back up to the similar top did surprise me. Notice the the "clear space" above the current bar. If the market can break through the price resistance and Gann angle at 11100 we could see the market surge to $11800 and above by the forecast date.
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