Bitcoin, my Forecast vs. PriceAction
(see all my previous charts on F a c e b o o k - or ask G o o g l e "FX Lord Ice")
After reached the "E" point, as expected, the Price Action broken the lower band of the triangle. Could've become a rectangle if the PA would've fail to design a new Lower Low.
The target for those that trade Triangle's BO strategies, is the triangle height (the white vertical lines). Therefore the $3800 level, would provide a minor correction, after this aggressive last Bearish Impulse:
However, considering the last two bearish impulses, starting from the top of the chart, I've notice the ABCD #HarmonicPattern, with AB=CD.
Considering all these, we can expect the D point to be at $3500 level with a possible retest of the previously broken Support, that should act as Resistance. Confirmed by the yellow vertical lines projection.
If the Price Action would design a new Low, with an aggressive Bearish Impulse, we can expect the $3250 (127.4%) or even the $2850 (161.8%) levels, to be reached with the new impulse. And the Harmonic Pattern must be adjusted, with CD = 127.4% x AB or CD = 161.8% x AB (special cases of the ABCD Pattern).
All the horizontal white lines, are Support Zones (minors as interrupt and majors as continuous ones) . We can expect a minor pullback from those regions, before new Lows. And will also act as Resistance if BO.
Have in mind, again, we're in the "no men's land" region. Therefore, we can expect a pressure from the "whales" to maintain the network. Margin Short Selling is beyond the usual risk, from now on. Not suited for the beginners!!!
Below $3000, I expect more than 20% of the miners, to stop working or to work with negative results, hopping a higher price to recover loses later (electricity bills)
Below $2500, I predict 80% or more miners, to continue mining activities, if they still have capital to pay their electricity bills, hopping for a bigger price later for #BTC
Below $2000, a hard fork if expected (not yet announced, could be earlier than this price), cause most of the miners would've stopped working and risking the whole network to be compromised.
In case you're preparing to buy, STOP considering this option, unless the PA will reach again my long time predicted $4400 level. Or stay tune for my next analysis.
Hope this helps.
Ice.
After reached the "E" point, as expected, the Price Action broken the lower band of the triangle. Could've become a rectangle if the PA would've fail to design a new Lower Low.
The target for those that trade Triangle's BO strategies, is the triangle height (the white vertical lines). Therefore the $3800 level, would provide a minor correction, after this aggressive last Bearish Impulse:
However, considering the last two bearish impulses, starting from the top of the chart, I've notice the ABCD #HarmonicPattern, with AB=CD.
Considering all these, we can expect the D point to be at $3500 level with a possible retest of the previously broken Support, that should act as Resistance. Confirmed by the yellow vertical lines projection.
If the Price Action would design a new Low, with an aggressive Bearish Impulse, we can expect the $3250 (127.4%) or even the $2850 (161.8%) levels, to be reached with the new impulse. And the Harmonic Pattern must be adjusted, with CD = 127.4% x AB or CD = 161.8% x AB (special cases of the ABCD Pattern).
All the horizontal white lines, are Support Zones (minors as interrupt and majors as continuous ones) . We can expect a minor pullback from those regions, before new Lows. And will also act as Resistance if BO.
Have in mind, again, we're in the "no men's land" region. Therefore, we can expect a pressure from the "whales" to maintain the network. Margin Short Selling is beyond the usual risk, from now on. Not suited for the beginners!!!
Below $3000, I expect more than 20% of the miners, to stop working or to work with negative results, hopping a higher price to recover loses later (electricity bills)
Below $2500, I predict 80% or more miners, to continue mining activities, if they still have capital to pay their electricity bills, hopping for a bigger price later for #BTC
Below $2000, a hard fork if expected (not yet announced, could be earlier than this price), cause most of the miners would've stopped working and risking the whole network to be compromised.
In case you're preparing to buy, STOP considering this option, unless the PA will reach again my long time predicted $4400 level. Or stay tune for my next analysis.
Hope this helps.
Ice.
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