This is highly speculative, but as in my previous chart, i'm trying to use the timing of the 4h RSI pattern occurring since early this year to predict the start of the next leg down.
Summary:
1)This assumes we wont break the upper resistance zone of the descending wedge/triangle we've been in since January, and that the downward trend will stay intact for at...
This entire downtrend pattern has shown textbook RSI response. It may change any time, but i'm thinking there will be one or two more enactments of this pattern before a market reversal happens. None of the lines I drew in at the end represent accurate value, it's just a rough illustration. The thing to look for here is a lower high on the RSI. This indicates...
Just wanted to add the ETF decision dates into my chart. BTC has obviously responded noticeably to those announcements recently, so it seems like a good idea to at least be aware of when the coming decisions could be released. I'm of the opinion the August news will be bearish and it would fit the long term pattern quite well. A rejection (or more likely...
If the downtrend played out to the bottom of the wedge that has been created, it could possibly look like this. Of course anything can happen, but so far this broad pattern has not been invalidated. Obviously, the further into the tightening wedge that the price moves, the more likely triggers (like bullish or bearish news) could create the momentum to break...
Bitcoin continues to decline from it's recent run up. Many think the bottom has been hit and a bull market is imminent. Many think "Goblin Town" is on the way. Some fall in between these extremes. My idea is to trade safely and avoid goblin town while leaving the door open to a new bull run.
Note: These are all rough ranges. The zones depicted are not...
