Bitcoin Drops To $7000 Before Halvening Pump Begins an Uptrend
Updated
I think it is safe to say the the early February $10,502 high was the current movement's high. What this does is give us a descending resistance line traced all the way from the all-time high price.
Measuring from the December 2018 $3128 low, we can also outline an ascending support line, that creates a symmetrical triangle.
So, we have a pattern that we can use for the future movement. Now, over the past 168 days, the weekly RSI has moved above/below the 50 line five times. This is indicative of range trading, which seems logical since the descending/ascending resistance/support lines are working to narrow the range. A decrease towards the support line in the low 7000s seems almost certain.
The next (third) halvening is on May 11. After the proposed decrease to the low 7000s, I am expecting a breakout above the resistance line followed by a strong RSI movement above 50, confirming that the consolidation period is over.
Similar to the prior two halvenings, the BTC price is expected to go into the next one in an uptrend, whose rate will accelerate greatly afterwards.
Measuring from the December 2018 $3128 low, we can also outline an ascending support line, that creates a symmetrical triangle.
So, we have a pattern that we can use for the future movement. Now, over the past 168 days, the weekly RSI has moved above/below the 50 line five times. This is indicative of range trading, which seems logical since the descending/ascending resistance/support lines are working to narrow the range. A decrease towards the support line in the low 7000s seems almost certain.
The next (third) halvening is on May 11. After the proposed decrease to the low 7000s, I am expecting a breakout above the resistance line followed by a strong RSI movement above 50, confirming that the consolidation period is over.
Similar to the prior two halvenings, the BTC price is expected to go into the next one in an uptrend, whose rate will accelerate greatly afterwards.
Note
This proposed movement also align almost perfectly with the logarithmic chart, in which the price is very close to the support line.
This chart also reveals the price movement prior and afterwards of the first and second halvenings.
Note
Once I am looking closer at this movement, the $6700 area seems to be the likeliest place for the C wave to end, probably some time in April.
Near the end of April, the $6700 area will be :
-0.786 Fib level of the entire decrease
-Middle of the Pitchfork
-Ascending Support Line
Afterwards, I would expect the price to break out from this symmetrical triangle and head towards the all-time high price. This belief is also aided by the third halvening, which is projected to occur on May. The price has historically increased just before/after halvening, so expecting the same thing this time around.
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