Bitcoin: Long Term Charts -- June 18, 2018
Looking at the 1 Week chart for 
BTC we can note a few things:
1. Using the slower Ichimoku Cloud settings of (20/60/120/30), we can see that price is still slightly above the Cloud, which is a bullish signal. However, it looks though price will be testing the Senkou support levels shortly. If these do not hold, thenBTC price could fall beneath the Cloud which would be a bearish signal.
2. The wave trend oscillator is moving closer towards oversold territory, but still has room to drop. This may not helpBTC in the near time, but may provide support to increased selling pressure if the 6k level fails to hold.
3. Using inexact arithmetic, we look at a potential range of values forBTC if 6k does not hold and price continues to fall. Using the wave trend oscillator numbers on the y axis, we can calculate that from peak to current levels, 1.00 integer on the y axis equates to ~$78.50 change in BTC price. Using this metric and assuming that BTC will fall to at least oversold territory of -53 to -60 from current levels of -35, before beginning to climb again; we get BTC potentially falling to between $4447 to $4987.
BTC we can note a few things:1. Using the slower Ichimoku Cloud settings of (20/60/120/30), we can see that price is still slightly above the Cloud, which is a bullish signal. However, it looks though price will be testing the Senkou support levels shortly. If these do not hold, then
BTC price could fall beneath the Cloud which would be a bearish signal. 2. The wave trend oscillator is moving closer towards oversold territory, but still has room to drop. This may not help
BTC in the near time, but may provide support to increased selling pressure if the 6k level fails to hold.3. Using inexact arithmetic, we look at a potential range of values for
BTC if 6k does not hold and price continues to fall. Using the wave trend oscillator numbers on the y axis, we can calculate that from peak to current levels, 1.00 integer on the y axis equates to ~$78.50 change in BTC price. Using this metric and assuming that BTC will fall to at least oversold territory of -53 to -60 from current levels of -35, before beginning to climb again; we get BTC potentially falling to between $4447 to $4987.
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.