Im no experienced trader, neither advising you to follow my idea.
Based on simple during the last year of bitcoin chart, the recent growth was just too much, so a correction is expected. According to my idea, that is gonna happen in the next 3 days. We are gonna experience a small rise in the upcoming hours and followed by a sudden drop.
Lots of altcoins are about to "moon" - Etherium is having a rise due to Capser testnet being announced, XRP its still overhyped - and many others are about to follow. Bitcoin dominance keeps going down -slowly- so if no big money enters the game soon enough, then those money have to be taken out of something. Guess what that something else is gonna be?
*drum roll* Yes! Bitcoin!
My target is gonna be 11.1k USD +-2% at around 6/1/18 +-10hrs.
It seems like its making a nice bull flag on the one hour chart. It has potential to break the old green trend line and get back on track. We will find out in a few hours.
Also the whole market cap has a new all time high so we might not see a second drop after all.
MACD about to crossover
Its seems like it would get back to the old trend line today. Lets see.
Alright, i may be overthing this a little, or my maths are way off. OR BOTH ! Heh
Either way, i moved the lowest point possible a little higher (small red circle) and added 2 box entrances to the rally!
Use the grey area if you wanna get back to bitcoin, safe entrance.
Use the green one if you are feeling risky, greedy, or paranoid like me !
So, this idea may never happen or its getting delayed.. I will keep this up for a week or post a new one if something dramatically changes.
And the LAST ( hopefully) correction is happening right now. I tried to replicate my old orange line but i dont remember the exact calculations i used ( that makes it approximate). Note that it can still go down to the red one ( not shown in the picture) But i believe that it will go all the way up from there.
stop loss: 12.8k
I have updated the idea after re-calculations and it seems that the lowest point for now is 11.8k. After that, i *hope* for a run till mid to late February.
But 3 days ago, i got more paranoid and i got into a little more math. Unfortunately im new to technical analisis and still learning. I have to learn more about fib levels so i could be more precise, but the numbers that i got while drawing the doted lines seemed pretty familiar...
Remember, its still speculation and based on my math. In the real world its different, there are more parameters that u cant easily take into account. Like news, hype, whales taken money out or placing in etc.
Good luck! :)
Thanks for your comment.