6800
BTC $6800 +reversal, clash of 5yr asc trend & 4mo+ desc channelTwo major adjustments here to my previous TA for BTC. I realized that the trend that kicked off this run to $14k was actually a continuation of the trend that started @$250 in 2015, this caused the line to slightly tilt clockwise pushing the date to the right for intersection of this multi-month descending channel and the overall ascending trend line which I believe will signal the beginning of the reversal of the downtrend we have experienced since $14k. I have changed that line to bold red.
Second change is that I moved from 4h candles to 1d candles and it made a massive difference in the position of the current descending channel we have been in since $14k. It makes it easy to see we had never really broke out of channel on the 1d candles and the possibility for a ~$6800 low (depending on timing) is quite feasible. The support at bottom of channel has held for ~4 months now, there is no reason to believe it will would not hold now.
Timing, when will the reversal come:
If the price drops to bottom of channel and hangs out, we may see an intersection forced reversal start by mid-late December. If the price maintains in the $8k area it could be as late as late April, early May of 2020.
With a 5 year trend line still intact, there is strong probability that BTC will not break below this trend line in any meaningful fashion. If BTC breaks below the 5 year trend line, it would be extremely bearish. I believe the overarching trend line will hold and that intersections of the two largest trends will kick off a reversal of the current descent.
This is not investment advice, DYOR.
There is a potential drop of up to 6800Given that Bitcoin has crossed 50% Fibo, and on the other hand, given that the trend has been overtaking with a higher degree, on the other hand, given the fact that after the collapse last night, a flagship is descending created, There is a potential drop of up to 6800.
Analysis by omid moaiied
BTC faces huge resistance at 6800 + future price targetsNew price targets for BTC!
As many of you already know, bitcoin has been unable to close above 6800 on the daily for quite some time now. It has begun to form a channel, and is attempting a re-test as we speak.
There has been very high market sentiment lately, in regards to regulation, coinbase additions, and new institutional investors in the space. Additionally, around mid August we will begin to see if crypto ETF's are viable.
The chart is pretty self explanatory. I will be offering frequent updates as we see more price action towards our target (thus breaking our previous lower high ). I will also be keeping everyone well up to date with relevant news that could influence price action.
Stay tuned.. (:
-Joseph Valerio
SILVER BLOCK CAPITAL
BTC/USDT : Short in short term, Long in midterm then Short to 5kI wrote for only myself. It's too hard happens
Archive,
When everyone thinks that the BTC increases to 7900 and then adjusts to 6500 and then down to 5000 then the Whale could do the opposite.
Today, November 9, 17, try a different thought.
Archive,
BTC will drop to 6500, right but it will rise to over 8000 level, will cross the old peak.
The fish are now afraid to miss the boat up $ 10 000 of the BTC suddenly to 8400, whales and sharks will simultaneously discharge to 6800
Next, the whale cut off the flood, the BTC back up to 7760 and then began to drop. This time, it gradually dropped to 7000 and dropped to 5000.
Archive,
The storm will begin on Dec. 1 and end before Christmas, possibly December 20
If this idea may help you, please donate BTC to me and I'll write more and more.
Thanks
My BTC address: 1HwdmWNWY26yk2giSY5DVTcNTvdgEUF3SJ
