From Joe’s Desk: Bitcoin in Price Uptrend, Finally
Bitcoin (BTC) survived a double-bottom and may be in a price uptrend. Double-tops and double-bottoms typically signal a change in price trends. Double-tops may signal a turn from a price uptrend to a price downtrend. Conversely, double-bottoms may signal a change from a price downtrend to a price uptrend.
In the ninety-day price chart of BTC, there was a price uptrend in late April (1) with double topping of price (2) on 25-April at about $9,670 and on 6-May at about $9,800. BTC could not break past this price resistance and it appears there is a psychological ceiling at around $10,000. This double topping marked a trend reversal with a price slide of BTC in a clear downtrend (3) over the ensuing seven weeks.
There was price support at $6,400 around 14–16 June (4) but that failed and BTC crossed the psychological floor of $6,000 but not by much and not if the crypto community could help it. BTC had a price bottom at about $5,860 on 25-June and another price bottom at similar pricing of about $5,860 four days later on 29-June-2018 with clear marks of a double-bottom (5) of BTC. BTC may have made the turn, finally, and may now be in a price uptrend (6). The current BTC price of about $6,400 puts us back to the price floor from mid-June with good, but not strong, support. The stochastic indicator for trading volume shows an uptick of 8% (7) as the market experiences an influx of BTC buyers and elevated liquidity.
There is a 22% likelihood BTC may return to $6,000 with an 11% likelihood of BTC breaking that price floor. If BTC falls below $6,000, it will be in freefall. However, in the event that BTC returns to $6,000 and pops back up, the price uptrend of BTC will be much stronger with the price support from a triple-bottom. The path of the BTC price uptrend will be rough with profit-taking on price spikes. This price uptrend may be a good opportunity to buy BTC on dips for re-calibrating and dollar-cost averaging your portfolio comprising the major cryptos such as BTC and Ethereum (ETH), and alt-coins such as Chynge tokens (CLPX).
Forecast: BTC in the $12–15,000 price range in the next ninety days (mid-October) and $35,000 by end of 2018.
Disclaimer: Joe Tusin is CEO and Founder of Chynge which is currently in an Initial Coin Offering. Hence, Joe has a naturally-biased and bullish market outlook for cryptocurrencies. This is a purely technical analysis and ignores fundamentals such as fiat currencies, financial markets, economic indicators, geopolitics, natural disasters, and other factors. There are forward-looking statements in this article and it is highly unlikely these statements will come true. Do not make buying and selling decisions based on this article. Joe was an FX Trader in San Francisco and was deep in the market when the British Pound (GBP) was attacked and devalued on Black Wednesday 1992. Connect with Joe at Linkedin.
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