Since Bitcoin price left its bear market lows, the first ever cryptocurrency has been seemingly unstoppable, shocking everyone with its resilience in the face of FUD, powerful resistance, and oversold indicators. For weeks now, crypto analysts have been calling for the “top” of the rally but the expected correction never arrives. Even a massively bearish head and shoulders pattern formed at the top of the recent rally – a bearish reversal pattern – that was later invalidated by further bullish upward movement.
However, all rallies eventually find their top, and two crypto analysts using long-term price charts to help predict the Bitcoin price “top” have found two probably price points – one top for the short term rally, and one top for the greater bull cycle rally – as to where a strong trend reversal may occur.
Long-Term Chart Sheds Light at Possible Local Bitcoin Price Top at $11,400
There are a variety of indicators that traders, investors, and financial analysts use to help them predict future price movements. These include commonly referred to terms, such as moving averages, relative strength index, and more.
Andrew’s pitchfork is yet another tool in a trader’s arsenal that can help identify trading ranges, which can in turn help understand which resistance levels may serve as the top of a rally or which support level could act as a bottom.
According to crypto analyst Josh Olszewicz, the pitchfork tool may point to $11,400 as a “possible top.” The price target is accompanied by a Bitcoin price chart complete with a pitchfork beginning at the second bottom in the 2014-2015 double-bottom.
The channel created by the pitchfork tool shows that Bitcoin price popped above it for much of 2017 into 2018. It was Bitcoin price bumping up against the top of the channel it had previous broken above, that saw it plummet straight through it and support at $6,000 – taking the price down below the pitchfork-created channel.
Now, according to the tool, Bitcoin price is back at the mid-point of the channel, which could suggest a “top” of $11,400. The prediction is also further backed up by the location of the top of the 1-week Ichimoku cloud – yet another indicator traders use.
Long-Term Chart Hints At Possible Bull Market Cycle Top, $60K BTC
Analysts also often chart out long-term prices of assets using regression analysis. Bitcoin’s growth trajectory is best viewed along a “non-linear regression curve” and using this curve can help traders understand the potential of mid- or long-term trend cycles.
Bitcoin just broke above the non-linear regression curve median line
A strong break and close above this would trigger a full on bull market imo
The last time bitcoin broke this it went from around $2,500 to $20,000
A similar move this time would put bitcoin around $60,000 pic.twitter.com/Pcv3vvZRQF
Much as the pitchfork tool was used to spot a local top for the current rally, one prominent crypto analyst has shared a chart that uses the non-linear regression curve to predict the top of the next Bitcoin bull run.
The analyst’s chart demonstrates how Bitcoin has broken above the median line of the chart, which has always resulted in a parabolic move upward. The breaks above the median line have also always resulted at a touch of the top of the curved channel. If Bitcoin price again reaches the top of the channel, it would put the price target for the top of the next Bitcoin bull market at $60,000 per BTC.
- Source: First Appeared Here
- Published Time: 2019-06-17 21:00:22
The views and opinions expressed in the article Long Term Charts Put Bitcoin Price At for $11,400 Local Top, $60K Bull Cycle Top do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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