Good day Hiveians!
Join me in analyzing the crypto markets!
Once more the "orange line" has proven to be a reliable predictor for price movement
This might be the last time in a while however, as the crypto market will go hyperbolic again to reach new ATHs.
Here is the chart which I have presented so many times before. It shows the importance of the upper orange line as a resistance and a support. This trend line has predicted the 40k high and now should mark the end of the sideways movement we has over the last months. Price has once more reached 50k which is exactly where this support line sits at:
While the short term outlook for BTC has been highly successful, the long term scenario has played out a bit differently. However the pattern has been very close to the prediction. Let's recap: 2 months ago I made a post in which I compared the movement at that time to the one back in 2017. Here is the chart:
The black line represents the movement from 2017 extrapolated to the future. In this post I said that
The orange trend line in chart 3 was much lower in chart 2. This has the potential to change the pattern quite a lot. For example, the current support at 46k could hold, meaning that a further slide to 33k could be averted.
This is exactly what happened. The "orange line" held, so that the movement from 2017 played out remarkably similar but played out above this crucial support.
Have a look at this current chart again. It's exactly the same movement from 2017 but compressed, squeezing the price above the orange support line.
What follows next should be very clear: A strong upward movement to about 75k!
This should be the last chance in this cycle to get BTC at ~50k levels
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
