16/01/2019/08:00CET
Lets take a quick look at the price action in the #Bitcoin markets. What are the charts telling us about market sentiment and action?
Hourly chart
- Price action is dominated by whale action :-( still
- A wedge seems to be forming over the last week or so.
- The wedge converges at the 3625 usd price mark
- This action leads one to believe the odds are there will be a break in the current stagnant short term trend in the coming days.
- I will not venture to predict the direction of the move because I think it is simply too difficult to call and I do not want to spout garbage one where I think it will go because that is emotional and not factual. TA should try to stay as factual as possible.
Daily chart
- Our down trend is still alive
Bonus chart
This is an overlay of the 2013 rally (black) and the 2017 rally and current price action (red)
Note: scale of 2013 is on the right and 2017 on the left. Both charts are none log but are scaled to fit. lower time scale is 2013 and upper is 2017.
- The correlation is quite good.
- From this simple exercise seems we are exploring the bottom right now.
- If we assume a continued correlation then we will only breach 10k at the end of 2019.
Steemit is pretty simplistic with images so this is the best you can see natively here. If you want to see this image in better resolution, then try this link
As always guys, leave comments, have fun and trade safe.