beneform

beneform

The most likely price direction for the foreseeable future is bearish until the next recession hits. While chart analysis can be a good indication of price movement, I think looking at the macroeconomy can provide us with a better picture of where BTC will end up in the next 6 months. I'll be examining both, starting with chart analysis and then factors beyond the...

beneform

Weekly chart shows that BTC is ready for a reversal. Upward movement has been slowing down over the past two weeks, suggesting that bulls are weakening. BTC is likely to fall to the 6600 - 6700 range (or 61.8% retracement level). There's also the possibility that a weekly wick touches April 2019 levels. IF a weekly wick does touch those levels, that suggests a...

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In Scenario 1 , as shown with a red arrow, Bitcoin capitulates completely without dancing in the descending triangle. While I think this is possible, especially since Bitcoin has closed below the $6500 level of support, I think it's less likely to happen than Scenario 2 . In Scenario 2 , as shown in green, Bitcoin's price performs a double bottom (which has...

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Bitcoin is on its way to $17,000 after bouncing off the $14,000 level of support. This beat my initial expectation that BTC would temporarily fall into the $12,000 to $13,000 range. I believe that we will test $17,000 again, and this time break through that level of resistance. If BTC breaks to the upside at that level, I predict the price will rise back to...

beneform

ADA just completed its fifth Elliot Wave, and we are currently on our way to step C of an ABC wave formation. ADA future trend is dependent on how it performs over the next week. If ADA reaches the blue box (step C) and breaks out upward, expect another Elliot Impulse up. I believe this is unlikely because of a head and shoulder formation from a TA perspective,...