It was pretty clear that exchange insiders were aware of the PBOC incoming announcement (before it was announced publicly to us) and hence they started the sell off after breaking the ATH on Chinese exchanges. We can hope that the PBOC's exchange regulations will finally put an end at these years of illegal activities so Bitcoin can really start to shine with less manipulation.
Levels ( ) on chart depicting a simple descending .
Short-term: Expecting some more chop/sideways short-term then a quick retest of $680-650. That dotted yellow line represents the old major bull neckline of 2015 (very important for it to hold else we will have repercussion long-term). Once we hit $680-660 I forecast that the 1D will be roughly around 23-27 in the oversold area which represent my perfect buying opportunity indicator as you know.
Long-term: Expect to bottom at $660s roughly. By year end around October, 8 2017 (235D Cycle) I expect a retest of the ATH if not higher targets ($1500 or $2000)
Check out my profile for my social media links and website.
My website contains FREE teaching to Bitcoin tradings and introduces you to my methodology and indicators and how to read indicators! I also offer 1-on-1 private coaching on any matter you' d like me to cover (PM for that).
I am here to help. Feel free to ask me questions or Private Message me directly.
If we break down and make a lower low below $774 stamp than a visit to $660 could be very well in the works. I will update however in time if we get to that point.
The falling wedge broke up on Chinese charts already earlier in the day, hence I am inclined to say that the wedge will break up as well shortly on US Charts. Once this happens, then expect the next main resistance to be at $872-878 Stamp.
However, the PBOC intervention is good news for all traders as manipulation of volume, and price by Chinese insiders on exchanges has already stopped and this is extremely bullish for everyone.
2- normally when u do a high and low prediction one of them is 80% spot on.... please do this more :)
3- bitcoin price range around 2020 and 2024? LOL i know, i know but gotta ask about how you see the general trend for the Hodlers
4- Thank you we appreciate the charts
in my opinion we will consolidate within the current big yearly ascending triangle and break out for another bull run by August 2017 (short term). and long term we are still very bullish.
1- Most of the time it coincides with the next 235D cycle. The next cycle is due for October 9 2017 that's when I believe we will have another megabull (worse case scenario).
2- I tend to offer bearish and bullish targets as it is always good to look at both sides of the market. Although some mock this, I believe its a good practice for traders to do this.
3- Purely speculation: But with the recent PBOC crack down on Chinese exchanges and adoption of 0.2%fee we need to wait and see how the Bitcoin market behaves. I am expecting more stability and more upside due to adoption and less downside potential. Anyways for 2020 the lowest we should see is $4000 USD. By $2024 the lowest we should see is $8000 USD (but again i think we should be way above these levels)
Your welcome, nothing makes me more happy than spreading the word and contributing to the Bitcoin adoption.
but long term is definitely still bullish