Weekly prediction of bit by Jeffrey (October 15th to 21st)

Bit last week has ended with a decrease on week candle due to unexpected panic cell

With the last article, I mentioned fluctuations. Unfortunately, there was a fluctuation not about the increase but about decrease.

I have mentioned that there might be a point of centraflexure at 9am on October 11st. In addition, as you can see on the chart, there was a panic cell around 400 dollar around this time.

In addition, I have suggested 6270 dollar as a support line for the price. Point of centraflexure on the chart indicates a time where direction might significantly change either in increase or decrease.

Therefore, the point of centraflexure I mentioned shall be carefully monitored when trading for about an hour before or after the point. I have attached the chart to mention how to cope with them later.

The near point of centraflexure is at 6pm today (October 15th).

This is the hourly chart of bit.

As the moving averages are changing from inverse array to the correct array, this is a positive phenomenon. I believe that it seems to be important to have it settle around 6470 dollar.

This is 4-hour chart of bit.  

It seems that small and medium wave values are located on the high mark.

In this case, it is difficult to expect a huge increase. Even if it increases, adjustment is required, and decrease is also valid.

However, as a huge fluctuation value is stable, I am guessing that it is not a huge decrease but adjustment.

It would be the best option to trade according to the fluctuation of time I mentioned.

This is daily candle chart of bit.

As for positive sides, there is a three white soldier pattern on the candle.

Three white soldiers are the patterns with three candles created consecutively as a part of increasing trend. However, there is an adjustment. So, care has to be taken.

In addition, small fluctuations have become to be positive. However, it is still not high enough.

 

In summary, it is under unstable situation on the chart. Small candles and time candles are positive on the array of moving averages. However, due to the high fluctuation value in high time candle, it seems that adjustment is inevitable in case of an increasing trend.

Resistance line is 6470 dollar, and the support line of 6820 dollar is 6270 dollar.

In addition, it seems to be advantageous to end the trading if deviating 6130 dollar.

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