SIMPLE IS BETTER -> BTCUSD 1W LOG downtrends breakouts analysis

٢٣ مايو ٢٠١٨

BTCUSD

SIMPLE IS BETTER, so I'll keep it short.

Elements on the chart:
- Teal line - THE uptrend
- Two dotted lines - long-term resistances (and targets)
- White lines - downtrends
- Pink circles - the current situation reference to the past one
- Green drawing - my (rather unreliable) projection of price

Long-term charts tend to tell the truth more often, as they are less susceptible to manipulation.

So far every downtrend (white line) breakout at this scale was legit (= no fakeouts).
Of course patterns do repeat until they don't, but let's be reasonable - BTC does respect downtrend breakout pattern since always. Why the hell would I bet against it now?

The facts end here, the rest is my speculation.

So I think we are in the same spot as marked by the first pink circle. The pattern is even similar. If so, we should see a pullback to the second yellow (dotted) resistance (same as in the past) This would project BTC at around 50k at end of this year.

Of course be prepared for anything. Watch if the pattern will hold.