BTC looks to be setting up a wedge pattern that should either break out or break down by the beginning of January.
The upper trend line traces from the high BTC saw in late June down through the lower highs of July and August and then the $10000 high we saw on 26 October.
The lower trend line starts at the uptick before the rally at the beginning of April and catches dip BTC had on 22 October.
The convergence of these 2 lines occurs around 5 January so a break out or a break down should happen sometime before that point. The wedge seems to be consolidating towards the key price level of $8500 which has been both resistance and support during this period.
The difference in price on 26 June from the $13,800 high to the price on the lower trend line that same day was about $8,400 so the price targets would be $8,400 plus or minus the price at the time of the break out or break down.
A break down would bring BTC down to the price range it hasn't seen since 2010 (no way) while a break to the upside would see BTC hitting the $16,000 price predicted on 4chan.
The upper trend line traces from the high BTC saw in late June down through the lower highs of July and August and then the $10000 high we saw on 26 October.
The lower trend line starts at the uptick before the rally at the beginning of April and catches dip BTC had on 22 October.
The convergence of these 2 lines occurs around 5 January so a break out or a break down should happen sometime before that point. The wedge seems to be consolidating towards the key price level of $8500 which has been both resistance and support during this period.
The difference in price on 26 June from the $13,800 high to the price on the lower trend line that same day was about $8,400 so the price targets would be $8,400 plus or minus the price at the time of the break out or break down.
A break down would bring BTC down to the price range it hasn't seen since 2010 (no way) while a break to the upside would see BTC hitting the $16,000 price predicted on 4chan.
註釋
The pattern is playing out as expected so far with price just below the consolidation target in the $8,500 range. If BTC breaks through the local support level of ~$7,800 then the break down could be upon us. The current local resistance level of ~$9,800 is the new target for a break to the upside.
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