Hello, I decided to share my thoughts and make a forecast on bitcoin for 2018.
Based on the current situation, we have 2 scenarios.
1. Or it is a bullish 2018 year.
2. Or a change in the trend of bitcoin from bullish to bearish.
I personally give preference to the first option.
So, we are now on the verge of making an important decision.
On the weekly chart, we have a symmetrical triangle (indicated by a pink color).
If we break this triangle around $ 9,500-9600, then we remain in the bull trend, if
break through $ 7,200, that is, the probability of a trend change to bearish (here there is still the opportunity to remain in the bull trend if we push off
from the initial trend line marked with a green color of about 4200-4500, while the triangle model will not be realized).
Why will most likely be implemented the first scenario.
1. A symmetrical triangle is usually a continuation model. It displays a pause in the current trend,
after which the original direction of the trend is resumed.
2. Now we have a bovine trend initially, which means that the trend will continue.
3. Weekly Stochastic RSI has reached oversold.
The objectives for the implementation of this model - $ 24000, using the method of measuring the model of a triangle - is the length of the vertical
segment in the widest part of the triangle (base) $ 14,500 + breakpoint $ 9500 get $ 24,000 (price approximate
plus minus $ 2000).
This is not financial advice on trade, but only a personal opinion of the author.
I wish you successful trading.
Based on the current situation, we have 2 scenarios.
1. Or it is a bullish 2018 year.
2. Or a change in the trend of bitcoin from bullish to bearish.
I personally give preference to the first option.
So, we are now on the verge of making an important decision.
On the weekly chart, we have a symmetrical triangle (indicated by a pink color).
If we break this triangle around $ 9,500-9600, then we remain in the bull trend, if
break through $ 7,200, that is, the probability of a trend change to bearish (here there is still the opportunity to remain in the bull trend if we push off
from the initial trend line marked with a green color of about 4200-4500, while the triangle model will not be realized).
Why will most likely be implemented the first scenario.
1. A symmetrical triangle is usually a continuation model. It displays a pause in the current trend,
after which the original direction of the trend is resumed.
2. Now we have a bovine trend initially, which means that the trend will continue.
3. Weekly Stochastic RSI has reached oversold.
The objectives for the implementation of this model - $ 24000, using the method of measuring the model of a triangle - is the length of the vertical
segment in the widest part of the triangle (base) $ 14,500 + breakpoint $ 9500 get $ 24,000 (price approximate
plus minus $ 2000).
This is not financial advice on trade, but only a personal opinion of the author.
I wish you successful trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.