Bitcoin to go Sideways until Approx. Monday before Moon
Since the Golden Cross confirmation on daily chart on 2/18/20, BTC has proceeded to drop as low as $9,280. From high to low this red wick on 2/19/20 ranged from $9,280 to $10,315, representing almost exactly a 10% drop from high to low. If we look back at the previous Golden Cross on the daily chart we see almost an exactly similar drop after the golden cross. The previous Golden Cross on the daily occurring on 4/23/19. On 4/25/19 we see the daily red wick ranging from $4,963 to $5,512, again representing almost exactly a 10% drop from high to slow. This drop was followed by 4 days of sideways movement, after which we saw BTC slowly progress upwards towards the high of $13,868 over the course of the following 2 months, a %179 increase from low to high. Currently, since the drop on 2/18/20 we have seen mostly 2 days of sideways movement, and with the weekend coming up it is reasonable to believe sideways movement for these two days as well. If this holds true, starting Monday 2/24/20 we should start seeing slow, progressive movement towards new highs around late April with hopes of approaching highs of $25,935 assuming the same increase of 179%. What makes me believe this even more so is the fact that we have not dropped significantly further since we lost the ascending channel on 2/18/20. Still, I am waiting for a confirmation via a drop below 9.3k or a jump above 9.8k before a retest of 10.5k.
All likes and comments are much appreciated! Always looking for feedback, whether in agreement or disagreement.
All likes and comments are much appreciated! Always looking for feedback, whether in agreement or disagreement.
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