Just goes to show how the past reflects the future.
Chart is simple, click the play button every 5 days and follow your path. I personally predict the blue path will take play.
BTC is a year away from testing a crossover of 2 major trend lines that have been active for the past 7 years. As of now we can play scalp trades, I see a short opportunity today anywhere from 7500-8200. I'll be risk trading to short near 8k to re-buy at ~$5500 in the next 20 days. I'd say we will make this landfall around ~ April 21, 2018
From there we will break out of the current log downtrend that started in December that seemed to have been forming a giant pennant, followed by full FOMO to kick it to the $11,700 area. Short there and scalp the channel on the way to the new target zone where we will hopefully test the Trend line from early 2012 (Long Buy Zone). It'll be rejected in that area (11.7k) and BTC will form a new channel as it did in 2013-14 for a downtrend. Scalp trade on our way down there. The target area is critical and if we break out to the upside it can be a new beginning to a new bull run.
Check my other posts for daily updates on day trading.
-LethalCalls
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Close up view of action. (5 day TF)
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Taking profit in this area, will add on breakout to the upside. Have a concious that is never fooled, don't let a $400 pump over rule.
True resistance lies ~7240
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2 scenarios
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Flag target reached.
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Daily TF update. No changes. Click play on the original chart :)
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Bullish chart update scenarios.
1 Day TF chart from the original post layout. (bearish scenario)
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1 Day TF chart from the original post layout. (bearish scenario)
Choose your destination :)
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Flirting right with resistance
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6 hour chart. It's out of the first downtrend. Lets see if the re-test holds.
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Those of you holding a position, 1 hour update. As long as this support holds on the daily we may continue up the rising wedge. Once lost it can trigger lots of shorts.
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Let's see what pattern this rising wedge decides to print.
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Trade is still active. Possible Mid 6,000's before it's all uptrend from here.
wow. you have been so solid but this call is first time I disagree...which makes me question my position. hmmm. I think we have more up before going below 6k but we will see.
Ronnie_Dong
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I like your chart,and I have followed you. I hope you can Follow Me at the same time.
greentonic
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Dont you think it looks a bit more 2013 than 2014 ?