Looks like the daily/4hr candles are forming a small triangle pattern that could bring price up to ~8500. At that point we could see price fall to the bottom of the channel at around 6.5k, however I believe we might overshoot that price. From a time perspective, it looks like we need more sideways movement before we resume the upward trend.
Additionally, the MAs on the chart look like they are about the cross bearish in a couple of weeks which could spike the price downward temporarily.
It now seems more possible that the RSI double bottoms and that the price takes a brief leg down before continuing upward.
The cost to mine 1 BTC is about 6500 USD at the moment, a serious support level. If the difficulty will double in May 2020, I expect the price to be roughly twice that by Q1/Q2 next year.
Additionally, the MAs on the chart look like they are about the cross bearish in a couple of weeks which could spike the price downward temporarily.
It now seems more possible that the RSI double bottoms and that the price takes a brief leg down before continuing upward.
The cost to mine 1 BTC is about 6500 USD at the moment, a serious support level. If the difficulty will double in May 2020, I expect the price to be roughly twice that by Q1/Q2 next year.
