Jeffrey's Weekly Projection of Bitcoin (8/20-8/26)

As mentioned, the heavy fall trend has been eased in last week.

Because 5850 dollar was the bottom price in the main peak, and the price was ended with two peaks with long bottom tails, which is interpreted positively. In addition, we can expect Morningstar, which is a pattern of rise-reversal candles.

As mentioned above, the period of trend change has passed one week, 1-2 weeks remains. The tedious sideway drifting or the fluctuation market to take the quantity of individual are expected in the early of this week, but we should know this price range is advantageous in the long run.

It is a chart showing the main peak of bit. Fibonacci is supported by a ratio of 0.786. In addition, the shape of candle mentioned above is interpreted positively.

The overall pattern is collected in triangle shape, and we recommend to participate in the market after confirming 6800 dollars are supported after passing the resistance line if you want more stable trading than bottom.

 

It is one hour chart. Big time peak doesn’t show yet but one hour peak shows the regular series of moving average lines due to the influence of last sharp rise. It is interpreted the trend was changed in the small time peak.

It is 4 hours chart.

One tip is that there is a high likelihood of an alt circulatory rally this time up to the indicated resistance section in case of bit rise.

Please refer to the profit for trading.

 

 

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