Since the beginning of March, Bitcoin has formed a descending triangle pattern, where each new wave down becomes smaller and takes longer.
Lets have a closer look;
FIRST WAVE: Lasted 30 Days ≈ 45% Lost
SECOND WAVE: Lasted 50 Days ≈ 40% Lost
THIRD WAVE: Still ongoing - foretasted length is 70 Days ≈ 30% Lost
The forecasted length has been calculated with the Fibonacci Time Zone indicator, applied through the high and low of the past two waves down. Cycle 3 and 8 indicate on the timeframe between the 2nd and 7th of October, which could be the end of the current cycle.
If that is the case, some strong price action to be expected in the beginning of October 2018. Of course the outcome is not clear, and that is why it is important to watch the Bitcoin price during that period of time. Break above the 200 Moving Average could be an indication of the trend reversal, but break below the key support at $6k might result in a further decline towards $5-4k area.
Lets have a closer look;
FIRST WAVE: Lasted 30 Days ≈ 45% Lost
SECOND WAVE: Lasted 50 Days ≈ 40% Lost
THIRD WAVE: Still ongoing - foretasted length is 70 Days ≈ 30% Lost
The forecasted length has been calculated with the Fibonacci Time Zone indicator, applied through the high and low of the past two waves down. Cycle 3 and 8 indicate on the timeframe between the 2nd and 7th of October, which could be the end of the current cycle.
If that is the case, some strong price action to be expected in the beginning of October 2018. Of course the outcome is not clear, and that is why it is important to watch the Bitcoin price during that period of time. Break above the 200 Moving Average could be an indication of the trend reversal, but break below the key support at $6k might result in a further decline towards $5-4k area.
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