Long-Term Trend For BTC
The direction of BTC is inevitably bullish, despite a Short Term bearish direction. The Bitfinex price history from 2014, and correction timeframe, along with the pitchfork tool, a projection on the logarithmic scale is fitted to the trend. The 5, 10 and 100 EMA are depicted on the graph to establish momentum with respect to the price action in order to establish the long term trend. When price action breaks and holds above the 100 EMA, this may be an indication of the price reversal. A key date extrapolated from BTC history, aligns with the week of September 2nd, 2019 for the final low ($2743). All dates and estimates are only a mirror of previous history. The vertical red dotted lines are key dates for the BTC low, definite price breakout and finally the possible price high in 2021 approximately ($342,000- $362,000). The ABCDE elliott pattern is a channel where the price action will play (B & D ~ %5800-$6200 Max). Key resistance levels based on Fibonacci are at $4470, $4871, and $5271-$5380. This analysis is only speculative and is used mostly to document ideas that may play out, so I can readjust my analysis to get better. Please like the analysis and show some positive support. I appreciate your feedback and discussion.
Currently bullish to approximately $4800-$5200 up until the middle of March. At this price, analysis for entries to short will begin (based on ABCDE).
I would also like to give recognition to xuanhaimmoer, as his analysis gives me a different perspective when I have completed my TA. If you all have other analysts that you follow, please comment, along with your feedback or questions to make my analysis more clear to understand.
Currently bullish to approximately $4800-$5200 up until the middle of March. At this price, analysis for entries to short will begin (based on ABCDE).
I would also like to give recognition to xuanhaimmoer, as his analysis gives me a different perspective when I have completed my TA. If you all have other analysts that you follow, please comment, along with your feedback or questions to make my analysis more clear to understand.
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