The channels i've drawn up clearly show where the price action should be for long term historical representation as well as healthy future movement. Following the peak formed at the $11,500 area as of 11/29/2017, the initial selloff has shown clear signs of a reversal. A new downtrend channel is now in the making and shows to retest the primary channel before a significant move higher.
The pennant formed shortly following the selloff from 11.5k to 9k, has broken out in a bearish manner thus fully confirming the downtrend movement.
I predict a bounce off in the $7000 to $5000 range now. Who knows when that will be is still a guess.
The pennant formed shortly following the selloff from 11.5k to 9k, has broken out in a bearish manner thus fully confirming the downtrend movement.
I predict a bounce off in the $7000 to $5000 range now. Who knows when that will be is still a guess.