My prediction for BTCUSD - Correction and continuation up
Hi Everyone,
Here's my prediction for Bitcoin in the next few months:
By the looks of it, we should see a slowdown in this spike upwards in the next few days, which will then likely form a Dogi candle (#dogicandle) on the Monthly timeframe.
With a Dogi candle in place, we will then start to see a formation of the Evening Start pattern (#eveningstar), which indicates a change in direction.
If these statements are confirmed, we should be seeing a correction from the recent strong bullish momentum - and it could correct towards as low as 19,000 area!!
With a correction towards 19k area, the technical analysis would be showing a double bottom pattern (#doublebottom), which will then indicate that the correction has been completed and the market is ready to move back up and continue to a, hopefully, all time high! (#ATH)
Of course, the speed of this movement will depend on the volume getting into the market and I believe that news could play a key role in bringing these movements into the chart.
Get ready to BUY BTC dips, but you don't need to rush as these patterns should develop throughout the next few months.
Let me know your thoughts!
Here's my prediction for Bitcoin in the next few months:
By the looks of it, we should see a slowdown in this spike upwards in the next few days, which will then likely form a Dogi candle (#dogicandle) on the Monthly timeframe.
With a Dogi candle in place, we will then start to see a formation of the Evening Start pattern (#eveningstar), which indicates a change in direction.
If these statements are confirmed, we should be seeing a correction from the recent strong bullish momentum - and it could correct towards as low as 19,000 area!!
With a correction towards 19k area, the technical analysis would be showing a double bottom pattern (#doublebottom), which will then indicate that the correction has been completed and the market is ready to move back up and continue to a, hopefully, all time high! (#ATH)
Of course, the speed of this movement will depend on the volume getting into the market and I believe that news could play a key role in bringing these movements into the chart.
Get ready to BUY BTC dips, but you don't need to rush as these patterns should develop throughout the next few months.
Let me know your thoughts!
Trade active
Trade active
Slowly moving towards our targets and key levels. Let's keep monitoring this trade!Note
We keep monitoring BTC as I think this week will decide whether it will come back down and retest support or will break above and continue up!Note
Nice drop from the entry area. BTC price following the idea so far :)Note
We continue to push slowly to the down side. Remember this is a Monthly timeframe so, yes, it is expected to take long for price to reach the targets. We keep monitoring around the 24,500 area as we might see a bounce from that key level.Note
BTC continues to head towards our first target around 24,500 area. Currently hovering at 25k - we remain bearish for the main crypto currency.
Note
BTC hasn't seen any impact from a huge drop on DXY, which serves us as confluence that it can continue to drop in the next few days as DXY corrects its push down.Note
I still think these targets are valid for BTC. We will keep monitoring closely.Trade active
Note
We continue to see lack of power to move the market up. My bias remain bearish for BTCUSD
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