Bitcoin (BTC) - Part 2 - Strategic View
This is only a strategic view. For personal record keeping and strategic view.
The picture is self-explanatory.
We are in an uptrend. However, we are repeating the 2013 peak. In 2013 it took 91 days to reach the bottom and the correction was about 75%.
As of today 24/02/2018, the current trough sits at 63 days and about 67% from the top.
There is also a lesson here from the weekly bars. As in 2013, the price is playing around with 20 and 50 EMA. They acted as support then, it seems they are still playing the same role.
So, based only EMAs and based on the fact that we are 2 weeks away from reaching the same correction duration, as in 2013 (90 days). We are close to ending this sell-off. The worst thing to expect is a short spike down to around 7.000. Then up and away BTC goes to the moon.
Not so quickly. Pitchfork median line will sit at about 5.000 BTC/USD in about two weeks’ time. The median line is very important.
The picture is self-explanatory.
We are in an uptrend. However, we are repeating the 2013 peak. In 2013 it took 91 days to reach the bottom and the correction was about 75%.
As of today 24/02/2018, the current trough sits at 63 days and about 67% from the top.
There is also a lesson here from the weekly bars. As in 2013, the price is playing around with 20 and 50 EMA. They acted as support then, it seems they are still playing the same role.
So, based only EMAs and based on the fact that we are 2 weeks away from reaching the same correction duration, as in 2013 (90 days). We are close to ending this sell-off. The worst thing to expect is a short spike down to around 7.000. Then up and away BTC goes to the moon.
Not so quickly. Pitchfork median line will sit at about 5.000 BTC/USD in about two weeks’ time. The median line is very important.
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