(chart info: weekly candles, log scale)
We are long term bullish on Bitcoin but the current correction can continue until we find a bottom.
In order to have an idea of BTCs future price and a possible bottom, we project BTCs price pattern from 2013 to 2017 into the next two years, see overlayed pink pattern in the price chart. Since the current price correction plays out faster than the 2014 one, the historical price pattern is stretched such that it fits the current price action.
In a second step, we analyze the price projection using current trend lines, channels, rising wedges, support/fib levels and EMA lines:
The price projection perfectly fits into the long term channel (see pitchfork). Further, it respects the current falling wedge and the all-time-high trend line from 20k.
The probability of the projected bottom (yellow) is strengthened by the following indicators:
- long term channel trendline (see pitchfork)
- support level from sept. 2017
- lower trendline of falling wedge
- all-time-high (20k) trendline
- 200 EMA line
- 78% fib retracement
The second test of the bottom (red circle) is bouncing from the same level and the upper trendline of the falling wedge.
We are long term bullish on Bitcoin but the current correction can continue until we find a bottom.
In order to have an idea of BTCs future price and a possible bottom, we project BTCs price pattern from 2013 to 2017 into the next two years, see overlayed pink pattern in the price chart. Since the current price correction plays out faster than the 2014 one, the historical price pattern is stretched such that it fits the current price action.
In a second step, we analyze the price projection using current trend lines, channels, rising wedges, support/fib levels and EMA lines:
The price projection perfectly fits into the long term channel (see pitchfork). Further, it respects the current falling wedge and the all-time-high trend line from 20k.
The probability of the projected bottom (yellow) is strengthened by the following indicators:
- long term channel trendline (see pitchfork)
- support level from sept. 2017
- lower trendline of falling wedge
- all-time-high (20k) trendline
- 200 EMA line
- 78% fib retracement
The second test of the bottom (red circle) is bouncing from the same level and the upper trendline of the falling wedge.