BTC PREDICTION
Many people new to trading have the misconception that Technical Analysis predicts price movements - it doesn't. However, it does help us better understand the past and use what we learn to hypothesize what might happen.
As you all know, many of the Bravado Team held primarily BTC for most of the past few months - occasionally tapping into our reserves to add to some ALT long bags at low prices. With Bitcoin's dominating grip on the market, studying and understanding its potential movements is paramount for any trader. It's important for investors as well, as you look to make longer term moves based on market cycles.
This analysis compares the selloff we saw in September (China FUD) to the selloff we've recently experienced.
As brutal as the 75% drop has been, we're actually still in a 1 yr uptrend for $BTC. We're completing a huge inverse head & shoulders right now. If it holds, we should break the shorter term downtrend and pave the way for healthy, upward momentum:chart_with_upwards_trend:
There is a key difference between this selloff and September's, however. September's pullback lasted 24 days and saw a 40% drop. This selloff has already lasted 70 days and BTC has pulled back over 70%.
Most of the team is still on the sidelines (not making trades) until we get more confirmation from Bitcoin. We think there's more short term downside but we do feel as if we're almost out of the woods
