What's the target price of current BTC price movement?
I'm by far not a trading expert, but wanted to look at the target of the current BTC price movement in light of 50-week and 200-week MA as supports and resistance.
I aIso asked friends "in-the-know" of #crypto markets and whose opinions I respect. The median of the mini #consensus (non-representative, small sample size survey) was $5563, which comfortably sits above the 200-week MA of $4889 and below the (since then) broken 50-week MA of $7172 (as at the closing of the week starting Nov. 18). With the 50-week MA likely have turned into a resistance, I will focus on the the 200-week MA going forward.
This mini #consensus also has a 25% percentile forecast of $5356 which is below the $5849 weekly close (Nov. 6, 2017) right before 2017's big jump to $20000, while the 75% percentile forecast is $6125 slightly below the $6383 weekly close (Nov. 5, 2018) just before the slump to the lows ranging $3220-3440 in late 2018 and early 2019.
Certainly not a thorough forecast (and definitely not a trading or investment advice), but some food for thought...
I aIso asked friends "in-the-know" of #crypto markets and whose opinions I respect. The median of the mini #consensus (non-representative, small sample size survey) was $5563, which comfortably sits above the 200-week MA of $4889 and below the (since then) broken 50-week MA of $7172 (as at the closing of the week starting Nov. 18). With the 50-week MA likely have turned into a resistance, I will focus on the the 200-week MA going forward.
This mini #consensus also has a 25% percentile forecast of $5356 which is below the $5849 weekly close (Nov. 6, 2017) right before 2017's big jump to $20000, while the 75% percentile forecast is $6125 slightly below the $6383 weekly close (Nov. 5, 2018) just before the slump to the lows ranging $3220-3440 in late 2018 and early 2019.
Certainly not a thorough forecast (and definitely not a trading or investment advice), but some food for thought...
As a result the 50 week MA was abandoned, despite the price hovering around it for weeks - the break toward 5K didn't materialize.
But what now? Check my new idea for a looking beyond the MAs and experimenting with parabolic ranges. And hit some likes, I need those reputation points, so I can also post some pictures here...