Jeffrey's Weekly Projection of Bitcoin (8/13-8/19)

Last week, there was a decline in the price of Bitcoin and showed a head-and-shoulder pattern as predicted in the first scenario on my last projection. As expected, the price of Bitcoin reached around $6,000. This week, it seems like there will be a recovery period after the rapid decline. To predict a rise, it will take at least 1 to 3 candle sticks on the weekly candle chart to be sure, which means that it will take one to three weeks. 

This is the weekly candle chart. Previously, there were three rebounds around the Fibonacci ratio of 0.786 and this time there was a rebound around that point as well. Even if there is another decline due to overshooting, the price will rebound again to this point, which suggests that this price seems like a good place to buy.

 

This is one-day candle chart. The market is remaining constant so in order to go back on the rise, it needs to recover around $6,700 to $6,800 which is the cloud of Ichimoku Chart. You should make sure to remember the main resistance line is around $6,350-$6,400, $6,570, and $6,800. Additionally, in order for the market to recover quickly, the long double candle stick may help the market to be on the rise—after August 14th when the cloud becomes thinner. 

This is 4-hour candle chart. The center of Bollinger Band finally seems to show a stability after a decline. This means that the market is gradually stabilizing. Also, if we draw a reverse head-and-shoulder pattern, the target price on the rise will be around $6,800-$7,000.

To sum up, Bitcoin is recovering from the decline. The current price point has a merit in swing position. In the trading perspective, you can expect the resistance lines and patterns to be as I said in the abovementioned projection.

 

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