BTC Prediction (Update)

This is a follow up to a previous post. As you can see, the resistance coincides with the bottom of the healthy growth channel shown in green. BTC will now seek support at the ~$8,700 level, and this action will help determine the course of the price.

On top of the support line at $8,250 I have added another support line at ~$7,400 which confirms the prior resistance level we saw during 11/2-11/8, then support on 11/18.

I know believe we have 2 layers of resistance before a fall to the $6,000, $5,500 and $4,800 supports.

Kommentar:

Since the last post, the bears and bulls have been aggressively battling. This comment is more regarding general sentiment than charting, but its clear that there was more support than many people expected at this level. While we previously have seen strong price reactions to specific numbers that are hit, there seems to be stronger support and resistance between different ranges.

I believe we will make a run to about $9,400, if BTC can break the $8,800 threshold and stay there for any length of time. Beyond that, I expect the next test to push us anywhere from $9,800 to $10,400, but it's important to remember that the previous rise and fall at these levels happened quickly, so there isn't a lot of historical data to pull from.

If we do not hold that price, the path is a bit more interesting, especially with the new found (unexpected support). There are now a number of support levels to help prevent a steep fall, but general market tenuousness makes me think that it can still fall through our supports to our low projection ranges. Take it or leave it. On a personal level, I'm hedging a bet on a soon to be BTC sale and leaving some on the side.

Kommentar:

We are now entering squeeze time. Depending on a few factors which all mainly come down to Bulls and Bears battling it out, the healthy growth trend will hold, or the bear trend will take over once more.

We bounced off of my top resistance line that I carted for this period of time, and have re-entered the negative trend line after crossing over. Things aren't looking great, but I've seen random supports hold before after failing, so this is really a waiting game to see which trend it breaks towards. Currently, we are literally on the support line I have at ~$10,500.

Happy guessing everyone. #HODLR