Some thoughts, possible consolidation

ravness (32)in #bitcoin • 7 years ago

https://cryptoravness.wordpress.com/2018/04/07/some-thoughts-possible-consolidation/
This is a short one since nothing happen much today, so it's just pure speculation. Since it hit 6.7k as I shared with you guys previously, here's what I think the price action may end up. Since it is possible consolidation phase and Tax season is ending at the 15th, things may get a bit bumpy. So to my friends at the discord I shared my thoughts about how I think the year will play out.

1st Quarter: Bearish
2nd Quarter: Consolidation
3rd Quarter: Bullish
4th Quarter: Profit Taking due to holidays
Timeframe: 2 hr

Verdict: ¯_(ツ)_/¯

Reasoning: I'll throw out a couple of reason's why it's still up in the air for me, of course still overall bearish due to not breaking out of the 2 downtrend channels, shorterm and long. Based on the 2 hour chart I have here, you see the ichimoku cloud here and it's red. and looking through the volume on the 2 hr, you see that the volume isn't there to pierce the cloud. By some luck we do pierce the cloud, there's a possibility of breaking up... in this case, nope. I've added possible short-term prices that it may go too, simple support lines but effective. You better hope it doesn't go to 6.5k again
https://www.tradingview.com/x/OHIi1tzy/

https://www.tradingview.com/x/zXE1pvIa/