A quick look at what BTC is doing
In the short-term BTC is channel bound within an ascending channel. It seems likely that this state of affairs will not continue for too much longer. I say that based on the length of similar channels in the recent past. I expect a sudden rise or dip before BTC forms a new channel with the same East-North-East price movement.
The chart below looks back about three weeks and shows how this East-North-East price movement has been prevalent in all major recent channels. It also shows how long the channel bound price movements remain intact for and the severity of the price hops between them.
It is difficult to predict if the next price jump will be upwards or downwards. I say “upwards” with 60% certainty based on:
- Climbing volume.
- The chart that comes after this one.
The chart below from “Bitcoin – The Future Becomes Clearer” is still my go to chart for medium-term BTC price movement prediction. It suggests that price may still have a little climbing to do in the short-term before dropping to the support level at $3600.
Of course much still depends on what the major stock markets end up doing this month. Things have only gotten worse there since I wrote this post. While I believe that the crypto markets may react positively to uncertain stock markets in the long-term, crypto markets are irrational beasts and could do anything in the short-term.
Yours in crypto
All charts made by Bit Brain with TradingView
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~ Mark Twain
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~ John Maynard Keynes