Prediction of bit for a week by Jeffrey (November 12th to November 18th)

Early last week, Bit seemed to be on the rise, but it ended with a slight decrease back in late last week. Bit dominance recorded 52.6%, showing a sound pace yet a boring trend of slight decrease continues.

This is the Bit chart per 15 minutes. First of all, individual investors decided to go for a loss cut last week because of a downward departure of Bit from an increase channel. In addition, there was a falling wedge pattern regarding the downward departure. It successfully rebounded near the Fibonacci ratios 0.618 and 0.705.

For your information, the Fibonacci ratio of 0.705 was created rather recently in the foreign exchange market, and is also known as the Simpson ratio.

Now, the resistance of the falling wedge pattern is overcome and a pattern is completed, making the approximate target price $6,700.

This is the four-hour Bit chart. In response to the panic selling last night, there is a support line protection, and now we see the yang cloud.

For a long time, it has been close to the central value of the path, which is $6,460. When it surpasses and supports this value, we can expect a rise, which would be $6,830.

If there is a rise, there could be nine to ten candles considering the positions of candles in the four-hour chart, and 40 hours before a change for the rise.

This is the Bit chart per day. When we look at a part of the picture, we can expect a rise in response to the slight decrease; however, we can expect a rise when there is a wave trend as shown in green more than now.

Moreover, there is a big wave is at the bottom of the graph, meaning that a rise is expected while there might be time gaps. Now is considered as a period for buying on scale.

The support lines are $6,360, and $6,250 which are the trend lines for the rise. The resistance lines are $6,460, $6,580, and $6,830.

 

Columnist Jeffrey (news@dailycoinews.com)의 기사 더 보기

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