Bitcoin headed to $12,600 by next gov't shutdown date ...and then???
Well, in a rare instance of predictability, Bitcoin has plotted the expected course precisely (see related post). I am expecting us to still cross our 200MA (current resistance) on the 4hr and hit our heads on that ever looming $12,600 QUAD resistance overhead. Whether we make it over that or not is still TBD. At the very least, traders would be advised to take some profit here. We'll likely drop back down to the $10,000 area before the bulls can muster enough strength to take another stab at it.
One more item worth mentioning. The time in which we hit our overhead quad resistance coincides nearly exactly with the next expected U.S. gov't shutdown deadline date. File this one under "Things that make you go Hmmmmm".
Happy Trading Friends!
Good work Stew. Upvoted. What do you think about sometimes augmenting TA methods with fundamental value methods? For instance, this fundamental metric that I blogged about here seems to correlate a lot with BTC prices just about as much as Elliot wave analysis and many other TA methods:
https://steemit.com/cryptocurrencies/@kenraphael/this-single-metric-seems-to-correlate-more-with-cryptoasset-values-the-past-two-weeks-than-most-predictive-methods
Would appreciate comments and upvote.
Will look into this. It is a good idea to infuse fundamentals with technical analysis at times. Not always possible. But sometimes the correlation does exist and should very well be considered and analyzed. Thank you for the comment and input.
Nice TA @stew!
You think there is a possibility of having a lower low around $4k?
I don't think 4k is out of the question. The deciding point will be that 12.6k point. This is also the top of our descending downtrend channel. If we don't break above this price point and confirm, we could still fall to 4k, which actually, would be the bottom of the channel, as you have indicated in your chart above.