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Bullish Bitcoin Projection
Hi friends! Welcome to poop's long term forecast on Bitcoin.
Everything about bitcoin in the weekly time frame is bullish. This technical analysis is based on a long time frame logarithmic chart. A bullish divergence signal started to reveal itself when bitcoin reached 2018 low at 3200. I believe this is a strong signal , which could propel bitcoin to retest its all time high in the next couple of years. Bitcoin's 200 period moving average is also being tested which is likely to fail as a resistance. Bitcoin is also showing signs of repeating its behavior within the channel during the last quarter of 2014 towards January 2015, The point in bitcoins history where the 2017 bitcoin parabolic curve stared. With all these observations on bitcoin's historical chart, look left to see right as they say, I came up with the following assessment.
1) Bitcoin recently surprised everyone with a triangle breakout, Its next resistance is at 4500 which acts as the neckline of the Inverted Head and Shoulders that will be confirmed once we see bitcoin's value at 4600.
2) 6K is a significant resistance line, it will likely act as a strong resistance for the next 9 to 10 months.
3) The long term trendline (reflected as black diagonal line on the chart) will also act as a key resistance for a long time. It will likely break if Inverted H and S is confirmed as stated in number 1 but will likely fail as a support. This trendline will also act as a strong resistance towards the end of 2020, We will likely see a new all time high once this will be broken by December 2020 to 1st Quarter of 2021.
4) Bitcoin's true value line, the upper line of the channel will likely be retested at the start of year 2022 which may break 300K mark.
That's it friends, I looking forward for your comments on this analysis.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
-Your Poop Trader
Everything about bitcoin in the weekly time frame is bullish. This technical analysis is based on a long time frame logarithmic chart. A bullish divergence signal started to reveal itself when bitcoin reached 2018 low at 3200. I believe this is a strong signal , which could propel bitcoin to retest its all time high in the next couple of years. Bitcoin's 200 period moving average is also being tested which is likely to fail as a resistance. Bitcoin is also showing signs of repeating its behavior within the channel during the last quarter of 2014 towards January 2015, The point in bitcoins history where the 2017 bitcoin parabolic curve stared. With all these observations on bitcoin's historical chart, look left to see right as they say, I came up with the following assessment.
1) Bitcoin recently surprised everyone with a triangle breakout, Its next resistance is at 4500 which acts as the neckline of the Inverted Head and Shoulders that will be confirmed once we see bitcoin's value at 4600.
2) 6K is a significant resistance line, it will likely act as a strong resistance for the next 9 to 10 months.
3) The long term trendline (reflected as black diagonal line on the chart) will also act as a key resistance for a long time. It will likely break if Inverted H and S is confirmed as stated in number 1 but will likely fail as a support. This trendline will also act as a strong resistance towards the end of 2020, We will likely see a new all time high once this will be broken by December 2020 to 1st Quarter of 2021.
4) Bitcoin's true value line, the upper line of the channel will likely be retested at the start of year 2022 which may break 300K mark.
That's it friends, I looking forward for your comments on this analysis.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
-Your Poop Trader
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