Another idea from a noob - WTF am I doing here?
מעודכן
What exactly have I done here? Well, my inexperience definitely shows. What I have been looking for a easy to see patterns such as the teacup or head and shoulders patterns. Added to that are simple resistance/support lines which I feel are important to the price movement. In the end, I have come across a double head-and-shoulders pattern, superimposed on each other. One is a standard pattern while the other is an inverted pattern.
What does this mean? Who the hells knows! I have read a few research papers and most are predicting a continued bear run. One paper suggested that we are in a major correction and that BTC will go down to the $2500 mark. Is that possible? I think so. If the H&S holds and BTC breaks below the thick band of support around the $6300-$6000 mark then it will fall accordingly, but will have to break through the other red support levels. Another theory, which may be more accurate, came from D4rkEnergY in April/May sometime. He predicted a drop to $4800. Yes, he got a lot of negative comments about it, but looking at the graph I don't think he is far off.
On the other hand, there is a possibility that the inverse will happen and BTC can climb to $8000. However, there is a lot of resistance to that and will have to break free of the $8000 band clearly and well into the $9000 band to truly be in a bull market. From there, I think the next major resistance will be about the $12000 mark.
This is just my take on what is happening. I feel that BTC will dictate the movement of the other crypto currencies.
But don't take my word on this, I'm just a beginner. Do your own research and analysis before commenting.
What does this mean? Who the hells knows! I have read a few research papers and most are predicting a continued bear run. One paper suggested that we are in a major correction and that BTC will go down to the $2500 mark. Is that possible? I think so. If the H&S holds and BTC breaks below the thick band of support around the $6300-$6000 mark then it will fall accordingly, but will have to break through the other red support levels. Another theory, which may be more accurate, came from D4rkEnergY in April/May sometime. He predicted a drop to $4800. Yes, he got a lot of negative comments about it, but looking at the graph I don't think he is far off.
On the other hand, there is a possibility that the inverse will happen and BTC can climb to $8000. However, there is a lot of resistance to that and will have to break free of the $8000 band clearly and well into the $9000 band to truly be in a bull market. From there, I think the next major resistance will be about the $12000 mark.
This is just my take on what is happening. I feel that BTC will dictate the movement of the other crypto currencies.
But don't take my word on this, I'm just a beginner. Do your own research and analysis before commenting.
הערה
Just something to add here. Keep an eye on the SEC announcement on BTC EFT. They have until the 30 September to decide. This will play a major role in the direction of BTC
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