Monthly Long term play; pitchfork - 7-9 month adoption cycle
breakdown of upper trend (blue area) in december 2017 will spark sell pressure
bounce expected at median trend line (red)
median trend supported with long-term trend line (yellow)
9 month close EMA provides additional support (green line)
if red and yellow trends lines are broken,
expect massive sell off to lower trend area (blue)
My sentiment: short term (weekly) bearish; long term (monthly) bullish
Buy zone: 8-9.5k USD
mean reversion pressure should keep price within green area long term (2018)
excessive capital flow could push trend into new channel
pitch fork would need to be reset with new adoption cycle
breakdown of upper trend (blue area) in december 2017 will spark sell pressure
bounce expected at median trend line (red)
median trend supported with long-term trend line (yellow)
9 month close EMA provides additional support (green line)
if red and yellow trends lines are broken,
expect massive sell off to lower trend area (blue)
My sentiment: short term (weekly) bearish; long term (monthly) bullish
Buy zone: 8-9.5k USD
mean reversion pressure should keep price within green area long term (2018)
excessive capital flow could push trend into new channel
pitch fork would need to be reset with new adoption cycle