This is just a forecast I hope you can reflect on later in the month. Please do not take into trading consideration. This is just a means for me to solidify my ideas.
This is what I think bitcoin is going to follow in the coming days. First we'll see a volatile consolidation as bitcoin tests support levels, which is the orange circle. Then we'll try to break out of the channel/descending wedge and hit resistance zone which the Ichimoku cloud should form soon. If we escape that red box zone/ Future ichimoku cloud we may see a change in structure to the bull side. I just hope some of you will remember this post and comment on it later, once the path of bitcoin unravels. :)
This is what I think bitcoin is going to follow in the coming days. First we'll see a volatile consolidation as bitcoin tests support levels, which is the orange circle. Then we'll try to break out of the channel/descending wedge and hit resistance zone which the Ichimoku cloud should form soon. If we escape that red box zone/ Future ichimoku cloud we may see a change in structure to the bull side. I just hope some of you will remember this post and comment on it later, once the path of bitcoin unravels. :)
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Well, as you may see, the moves are almost spot on. The speed of the moves are way faster than I have expected.
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We've found support on the yellow trend line. Hopefully we can see price rise to test 7k
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I dont know how many people would actually look back at this post, but go ahead and press play! I'd say the chart worked out somewhat well?
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Almost a month later! Press play :)
I forgot the consolidation period after the breakout!