I'd be fully prepared for a jump back to 5k8 but I dare say that rally will fail. If it happens and does fail, we're most likely gonna be going back to looking for support around 4k8. If that support fails, it's back to the 4k range. If that fails.. Welll.... I'd expect a 2k8 BITTREX:BTCUSD within months. Support Levels I believe that would need to...
Long term thoughts on bitcoin COINBASE:BTCUSD
Not looking so good for btc... I guess that's what happens when 80% of the supply is in control of 0.1% of the population... Creates an on-boarding bottleneck which mess with price stability.. The block-halving mechanism used for the inflation model and ultimately the building blocks of crypto's incentive model, is flawed. Coins need to use a sigmoid function...
Just putting it out there that we should probably see a jump in the shorterm before the second leg of what is going to be a return to 6k I believe.
Another update on my chart. Mostly for my own reference but draw your own conclusions
Just my current chart. Thought i'd post an update as it's been a while.
An old Bar Pattern projecting a not so pretty future for BITFINEX:BTCUSD ...
Can't keep going up forever...
Normally I never try predict such short term movements to this accuracy.. This was more for fun and trying something new in regards to momentum analysis.
copy of bars from earlier this year..
Your guess is as good as mine these days..
We've recovered and showing some pretty grinding support. if it holds and breaks resistance @ 6k5, I can see it trying to make a dash for my second target which I had postponed until now. Waiting on confirmation of the 6k5 region to be tested and beaten. GL
I'm expecting it to fail around those levels and return to test 6k1 The longer we take to try rally and break 6k6, the less confident I am with this trade.
As in recent posts, I feel btc is over bought.. I don't know what the likely hood is, but yeah. If we don't go bull from here, this could be on the table.