I believe bitcoin -2.13% has found the bottom @ 6k, I'm now looking for another fall back to that support and then the bull run begins. The market has returned to the long term trend and I expect it to continue along that trend.
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Fixed the pitchfork placement.
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Looks to me like bulls dont want to buy much higher. I believe we will see a return to 7k - 7.5k before we break through the current resistance level at around 8.5k.
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We took a slight deviation from my prediction due to some excited bulls but it looks like we still might see sub 7.5k BTC. I would wait for a confirmed close below 7.7k.
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Looks like we've formed a channel between 7800 and 9000, there seems to be support at 7800 but i'm not sure why since there has been very little volume at those dips. I think the next time we see the 7800 level we will fall through it to 7500.
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Be cautious! This is looking more and more like a bull trap as buyers keep retesting 9000 with very little volume. A large correction is likely coming that will put Bitcoin back down to the 7400 zone. Remember that patience is the key to making successful trades.
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Well it looks like the bulls are taken Bitcoin by the reigns and are pushing for the moon. I'm still concerned that there isnt much volume behind these recent rallies and so i'm staying cautious and expecting a return to the 7500 area. I think that much of this rally is caused by hype that will soon die out.
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Last update on this post as I think we are entering a new bullish trend which I'll have a new post about. For now I Bitcoin is following the Fib levels exceptionally well and so I expect us to find support at the $9400 level and continue on this bull run.
What made you pick those grounding points for your pitchfork? They don't seem to be particularly accurate/reliable...
Kuza0
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@FourthFloor, I placed that Modified Schiff pitchfork a long time ago, but I checked it again and found that the points have become detached so you are correct, I'm correcting it now.
@Kuza0, I also see you are using the log chart, any reason in particular? I must admit this pitchfork fits quite well
Kuza0
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@FourthFloor, I like using the logarithmic scale because each square grid on the chart is the same change in percentage. I find it's a lot easier to find trends using the log scale, just look at the difference in this chart with logarithmic scal on left and arithmetic scale on the right.
It sure takes the FUD out of crypto :)
If you want to get more technical with it i suggest you check out investopedia. investopedia.com/terms/l/logarithmicscale.asp
Kuza0
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Looks like we've formed a channel between 7800 and 9000, there seems to be support at 7800 but i'm not sure why since there has been very little volume at those dips. I think the next time we see the 7800 level we will fall through it to 7500.