Bitcoin is currently sitting at the top of the falling resistance (1a). I feel bitcoin won't complete the pattern formation (2a.) with sideways movement breaking the down trend, but instead this will be the beginning of a new Elliot's wave (Marked in Blue) following the completion of the last, wave 2 may form a mini bouncing off the first resistance (3a). The prediction of wave 2 is never easy so I've used the Fibonacci tool as a guide as to where the new up trend may be formed (4a). The 50% Fibonacci resistance (3a.) may be retested and may even form a new between it and the newly formed ascending support line.
In the longer term, even with all this incredibly coordinated positive events of importance coming out of India, South Korea and Russia and the media back on the bitcoin bandwagon, I feel like a new descending line of resistance (5a.) will be created at the 23% fib level in early April, ultimately making the market stay bear for at least another 5 - 6 months, UNLESS we see a successful lightning network launch creating new highs once again for bitcoin and co, but that shit cannot be predicted!
Happy Trading and Best of Luck!
Follow me for more wacky chart predictions!
For what it's worth, I'm not long on bitcoin by the way, I'm long on Lightning Network, in my opinion:
- Lightning Network Unreleased = Market stays bear
- Lightning Network Released (Successfully) = Market goes as fuck, 6 figures in a couple years a legit possibility
- Lightning Network Released (Unsuccessfully) = Bitcoin Dies, Alt Bubble Bursts, 90 - 95% of startups abandoned, useful blockchain tech with active development rise from ashes and take the world by storm.