Hello, all. This is my prediction on where Bitcoin is going within the next 2 month. This is not financial advise. I am not a professional and I've only been trading for a few months. Please leave comments. I'm open to learn if any one has anything to teach and please correct me if I'm wrong with any terminology that I use referring to the indicators on the graphs. Thank you.
Here is a weekly view of BTC. I've notice that bitcoin has been over sold from being over bought for a few weeks now and is currently going through a big correction. Since the fall from 19k BTC has been declining volatile. A descending wedge has formed as you can see. On the MACD indicator for the weekly graph the 12-period EMA minus 26-period EMA has crossed under the 9-period EMA. Also for the first time in two years since October 2016 on the weekly the MACD signal line has went below the zero line as you can see on the second screenshot.
The screenshot above is a view of the daily BTC chart. On December 20th 2017 the 12-period EMA minus 26-period EMA crossed under the 9-period EMA indicating the start of a rapid decline for bitcoin. Since then it has been declining to this present day and has moved below the zero line on the MACD indicator. We may see both EMA lines moving upward towards the zero line on the MACD and back down again. Even possibly over the zero line and back under again. I have two predictions on where this could go. As shown on the graph the circle labeled 1 is my 1st prediction. If this target is hit there could be a possible breakout forming a Elliott Wave. Target 1: $11,000 - $8,800 from February 19th - March 5th. Target 2 is a long stretch but its just my prediction. $7,400 - $4,400 from March 19th - April 2nd.
I am aware that there are other indicators that are helpful. MACD has been very useful for me and has helped me be successful in gaining profits as well as RSI, STOCH, and Bollinger bands. Keep in mind that I'm not a professional and this is only a prediction. I could be completely wrong and tomorrow or days down the line before my target days BTC could break out on its way to a new all time high. I've noticed that no matter how good a person is with technical analysis they can not always be applied to crypto but it is good to know and it does sometimes help.
Please leave comments. I'm interested in what the community has to say. I am open to learn.
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