Hey guys,
let's take a closer look at the cryptocurrency market. The GOD market first:
First, this drawing is not a crystal ball but an overall "imprecisely" guide for Bitcoins price development within the following weeks / months created on 10.04.2019. What I can use for my prediction is that Bitcoin is forming a huuge bullish pattern (so far) and that he actually needs a last bigger correction in order to break out and start / continue the next bull-market. The first "imprecisely" targets we can already estimate (as the pattern has not completed yet) are $16.442 and $24.907. More precise and reliable targets can be made as soon as the pattern is completed and ready for breakout. AGAIN, these are estimations which give us an overall overview of price movements and levels where the price can rest before continuing the trend. Within a trend Bitcoin could reach prices like 30k, 50k and above, even way beyond your imaginations. This is why you never should use phrases like "I can't (or can) imagine that something will go that high or low". Just think about Wanchain in 2017. Could you imagine that it will drop from $10 to $0,20? ;)
If we take a look at the previous aths and the difference in percentage between them we see following:
2011 - 2013/2014: 3658%
2013/2014 - 2017: 1603%
2017 - 2021: ca. 800%
A difference of 800% from the last ath of $20k will resolve in a new ath of $171.110 in 2021. It is an estimation based on previous history, which does not mean that this time it will happen the same way but it is probable.
Lets zoom in and see where we are at the moment, where the correction will start and how big it will be:
This is a screenshot of a daily chart. We have two possibilities now: 1. in yellow, 2. in red.
As you can see we are moving upwards in a channel which is still intact. We tried to break this channel on 02.19.2020 and 02.20.2020 and closed the day with a huge wick above the trendline (turquoise) which is a bullish sign.
As price pattern almost always move in triangles and channels I am expecting a triangle within the current upward-channel which decide if we follow possibility 1 or 2:
Let's move on to the altcoin market:
This is a screenshot of the Total2 Market cap (all coins excluding Bitcoin.) As you can see we are currently struggling at a major resistance and could easily start a further correction. Sure everyone thinks now that we will go straight up to the moon but it is mostly not the case as charts are moving in waves. Don't misunderstand me, it is surely possible that we will break the current resistance (turquoise) and continue to rise but it is also possible that we will reject. So its not a probability but a possibility which means 50% - 50%.
Basic Attention Token (BAT)
A quick one: BAT is looking good so far. Since BAT was listed in August 2018 we didn't see a lower low. Last month we broke a major trendline to the upside. So overall BAT is looking good for long term investment as it is already mainstream: Brave Browser, Twitter etc. ...
There is just one thing that I don't like about penultimate week, the weekly candle close:
We have a red candle with a huge wick to the upside which could lead to a big correction within the next week(s). So I would be attentive now as we could correct to $0,19 or even lower.
Hope you are already building your own infrastructure.
Have a good one!