hi guys,
Yesterday we had a good bounce with the decent volume, which means that the short-term downtrend is ended and now we are good to go to around 9000 USD, from there the faith of the BTC will be decided.
Now if we see in the long term chart, in this analysis I have used 1-week chart I can clearly see that there is a bull peanut forming on the log scale. So possible scenario is possibly gonna breakout in coming 4-5 weeks. Target is 25000 USD around February 2019.
For those who don't know what Peanut is, well it's just a pause in the current trend(sideways action for a time period) as it will complete the uptrend will resume.
There is one more scenario we should keep in mind that, maybe it's in the downtrend right now which was started from December and it just paused a little bit, in that case, it is forming bear peanut which can lead it to around 3000-4000 USD.
We have to consider both scenarios, the direction of triangle break will certainly confirm which direction we are going into. even though it's headed towards the 9000 USD from that point it will decide which direction it's gonna be.
these are just my thoughts, not a financial advice Anyway when it comes to money we should play it safe.
If you agree with my idea, please like and comment. I will be happy to hear your thoughts
Yesterday we had a good bounce with the decent volume, which means that the short-term downtrend is ended and now we are good to go to around 9000 USD, from there the faith of the BTC will be decided.
Now if we see in the long term chart, in this analysis I have used 1-week chart I can clearly see that there is a bull peanut forming on the log scale. So possible scenario is possibly gonna breakout in coming 4-5 weeks. Target is 25000 USD around February 2019.
For those who don't know what Peanut is, well it's just a pause in the current trend(sideways action for a time period) as it will complete the uptrend will resume.
There is one more scenario we should keep in mind that, maybe it's in the downtrend right now which was started from December and it just paused a little bit, in that case, it is forming bear peanut which can lead it to around 3000-4000 USD.
We have to consider both scenarios, the direction of triangle break will certainly confirm which direction we are going into. even though it's headed towards the 9000 USD from that point it will decide which direction it's gonna be.
these are just my thoughts, not a financial advice Anyway when it comes to money we should play it safe.
If you agree with my idea, please like and comment. I will be happy to hear your thoughts