Bitcoin(BTC) Update : Will Bitcoin fall? Downtrend fractals.
I know that you can have some distrust of chart analysis. As a person who analyzes charts your doubts are reasonable, because sometimes the belief in analysis could bring a frustration.
To be honest, it is impossible to find an answer that completely solves your distrust. As I said in my previous posting, the chart analysis is an attempt to predict the future through patterns in the past. So the direction may changed if new variables that have not occur in the past being emerged.
Therefore, I think that the right balance between positive and negative opinions is important. This attitude will help you to keep your expectations for the future of bitcoin and invest more carefully.
The analysis I'm going to introduce today is a negative prediction of Bitcoin.
In a previous posting, I called a scenario that BTC rise up to about $14000. But recent BTC price moving was not enough to change to uptrend. Volumes have declined and investment sentiment has not recovered.
This time, I focused on the fractal that marked as yellow box on the chart. It shows a declining fractal, that start as a great fall and end with a triangle pattern .
This pattern reflects investment sentiment that does not recover after a large sell-off, and in this situation a little push can cause panic sells. Therefore, if the sells begin, the price can drop to about $ 4800.
One hopeful idea is that a fractal with a green box can also happen. This is likely to be done by large capital, not by individual investors, and this price movement will take us to a higher point than the previous peak unless the bitcoin is collapsed.
To be honest, it is impossible to find an answer that completely solves your distrust. As I said in my previous posting, the chart analysis is an attempt to predict the future through patterns in the past. So the direction may changed if new variables that have not occur in the past being emerged.
Therefore, I think that the right balance between positive and negative opinions is important. This attitude will help you to keep your expectations for the future of bitcoin and invest more carefully.
The analysis I'm going to introduce today is a negative prediction of Bitcoin.
In a previous posting, I called a scenario that BTC rise up to about $14000. But recent BTC price moving was not enough to change to uptrend. Volumes have declined and investment sentiment has not recovered.
This time, I focused on the fractal that marked as yellow box on the chart. It shows a declining fractal, that start as a great fall and end with a triangle pattern .
This pattern reflects investment sentiment that does not recover after a large sell-off, and in this situation a little push can cause panic sells. Therefore, if the sells begin, the price can drop to about $ 4800.
One hopeful idea is that a fractal with a green box can also happen. This is likely to be done by large capital, not by individual investors, and this price movement will take us to a higher point than the previous peak unless the bitcoin is collapsed.
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