Hello everyone !
Today the Black Cat Trader is analyzing BTC on a weekly chart.
What we can see :
- By using the Andrew's Pitchfork into on one of the first BTC impulsive wave back in 2012, we can identify a very nice long term uptrend for bitcoin (Low = 2,25 ; High = 1163 ; Low 198). Thanks to PF, supports, resistances and possibilities for futur growths can be easily identified.
- By extending horizontal lines (purple) from previous ATH to lower lines of the pitchfork, we can clearly identify the potential zone where BTC could make its new ATH :
ATH (25 Novembre 2013) = 1172 $
Extended line (from ATH to the lower line of the pitchfork) = NEW ATH (19.680 $)
ATH ( 11 décembre 2017) = 19.680 $
Extended line (from ATH to the lower line of the pitchfork) = POTENTIAL NEW ATH (130.000$)
What we can expect :
Regarding the actual situation and based on the datas we have, we can expect two scenarios:
(N°1)
Bitcoin manages to break the intermediary lower median line of the pitchfork (which is actually a resistance) to turn it into a strong support to go higher. Then we can expect that bitcoin will make a new ATH located at minimum on the median line of the pitchfork (red one)
- Resistance : intermediary lower median line of the PF
- Strong support : lower line of the PF
TAKE PROFIT : 130 000$ ((Median line of the PF)
(N°2)
Bitcoin fails to break the intermediary lower median line. In this situation, we can expect that Bitcoin could bottom on the lower line of the PF which would be a very good opportunity to buy btc low.
Major support : Lower line of the PF
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(D.Y.O.R)
Today the Black Cat Trader is analyzing BTC on a weekly chart.
What we can see :
- By using the Andrew's Pitchfork into on one of the first BTC impulsive wave back in 2012, we can identify a very nice long term uptrend for bitcoin (Low = 2,25 ; High = 1163 ; Low 198). Thanks to PF, supports, resistances and possibilities for futur growths can be easily identified.
- By extending horizontal lines (purple) from previous ATH to lower lines of the pitchfork, we can clearly identify the potential zone where BTC could make its new ATH :
ATH (25 Novembre 2013) = 1172 $
Extended line (from ATH to the lower line of the pitchfork) = NEW ATH (19.680 $)
ATH ( 11 décembre 2017) = 19.680 $
Extended line (from ATH to the lower line of the pitchfork) = POTENTIAL NEW ATH (130.000$)
What we can expect :
Regarding the actual situation and based on the datas we have, we can expect two scenarios:
(N°1)
Bitcoin manages to break the intermediary lower median line of the pitchfork (which is actually a resistance) to turn it into a strong support to go higher. Then we can expect that bitcoin will make a new ATH located at minimum on the median line of the pitchfork (red one)
- Resistance : intermediary lower median line of the PF
- Strong support : lower line of the PF
TAKE PROFIT : 130 000$ ((Median line of the PF)
(N°2)
Bitcoin fails to break the intermediary lower median line. In this situation, we can expect that Bitcoin could bottom on the lower line of the PF which would be a very good opportunity to buy btc low.
Major support : Lower line of the PF
IF YOU LIKE THIS POST, FEEL FREE TO FOLLOW THE BLACK CAT TRADER AND LEAVE A LIKE
(D.Y.O.R)