BTC Latest trends – Part 4

BTC Latest trends – Part 4
December 14 10:48 2018 Print This Article

I believe in giving credit where it is due. It’s only fair that I start this post off by giving credit to the person who called yesterday’s dip:

Myself.

Narcissism aside, let us look at the latest in BTC trend indications.

I never intended this post to be a part of a series, but I wrote about BTC trends recently and this is also about BTC trends – hence the “Part 4”. It’s not strictly relevant to this post, but if you want to read the others then you can work backwards in time starting here: BTC: Latest trends – Part 3

BTC Latest trends – Part 4

BTC always has some or other pattern that it is following, usually several at once cycling over different time periods.

Yesterday/the day before (depending on whether you are reading this on STEEM or directly on mentormarket.io) I described the angle of the recent BTC downtrends. Today I’m summing those downtrends up and seeing what that results in. 

The yellow line below represents the general shape that I think the medium-term downtrend may be following, the second part of the line are several possible logical continuations of it:

The three lines below represent Bullish (Green), Bearish (Red) and Neutral (White) possibilities. Note how I purposefully made the Bearish scenario climb in price first (which it usually does) – watch out for bull traps and dead cat bounces! Please note that these lines are realistic estimations of possibilities, they do not necessarily indicate accurate prices or time durations. If and when BTC does start to follow one of these proposed trends, then I will reassess it in more detail and attempt to make more accurate price/time predictions. For now I’m basically just indicating possibilities.

Since some perspective is always useful and a valuable checking tool, here is what my predictions look like on a long-term chart.

Best guess

My best guess for the near-term future of BTC is: “None of the above.”

I doubt that things will continue to run as (relatively) smoothly as they have been. I still consider a capitulation even to be a strong possibility, whereafter the recovery will be swift, but will then counter-correct and finally settle into sideways movement. As with the previous scenarios, the timing, duration and levels may be way out. Since a capitulation event is only speculation at this point, such an even remains unpredictable at this point in time. The blue line below is my “best guess”.

Here is my “best guess” scenario seen in the long-term.


Footnote

It is worth observing that a previous down-spike found strong support in the region of $3000. 

I have already discussed the $3000 scenario in some detail in recent posts:

While we are still experiencing some teething troubles, the folk in charge at TIMM continue to work hard on their newest platform and website. Thanks to this my posts are becoming more normal and predictable in layout again. @timm are doing a stellar (not lumens) job of building a trading and investment platform which I recommend you take a look at if you have not already done so. It’s changed a lot recently and the functionality is literally growing by the day.

All charts made by Bit Brain with TradingView

Yours in crypto

Bit Brain

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About Article Author

Bit Brain
Bit Brain

A walking crypto encyclopedia. Honest, Realistic, Opinionated. Futurist, Autodidact, Polymath.

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