Hello! Here is the Bitcoin forecast for Nov 11, brought to you by Artem Shevelev.
For current price action here is what we can see — well shaped triangle and its near resistance to breakout.
Common Case for such triangles — trend continuation, so there is higher chances for prices coming up. But history remembers some cases, where prices went against trend and this happens in 20-33% / time.
So which direction you should trade — choose by breakout and your personal research.
Thanks for your attention, place like if you want it.
@tantamount, this triangle ended up well ) I think we will see some struggle down 20K zone and some flatting out for some period in Q1/Q2 2021. What is your thoughts?
tantamount
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@ArShevelev, Thanks! Yes, very possible we hit a consolidation zone before or near 20K retest. My interim projection is 1.1618 extension zone (17.9K) - As seen here:
If we're in a grand super cycle, finishing out the 5th wave, then we could see reach 34K region next year, seen here:
Cheers and nice chart, btw!
Protixder
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Protixder
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Good work
Allec
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Good job!
ProjectSyndicate
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well done, nailed it. nice compression and once again
upside breakout with follow through.