BTC makes valiant attempt to re-enter bull channel

At the moment (4:45 PM EST) bitcoin futures are trading back in the bullish trend channel that it had broken out of on Tuesday and was resistance yesterday. This also harmonizes with our 78% retracement at $9,249, which is exactly were the market closed yesterday.

As of right now Bitcoin is trading back where it opened exactly one week ago, last Thursday. This along with a few other indicators our suggesting that pricing may continue to fall but in any case “should” not crash, although with BTC that is more prevalent at least in the short term. Instead we believe we may see a slow decline to a price bottom from $6,500-$7,500 before ultimately rallying and challenging $12,000 by the end of 2020.

Chart #1. Daily BTC candlestick, blue dashed lines indicate the recent bullish channel that was exited on Tuesday and reentered today. The red dashed line was made by duplicating the descending top that was broken out of on April 22nd and pasting it above current pricing.

Chart #2.   Daily BTC candlestick chart showing that BTC in fact broke back above the Fibonacci harmonics. Black #’s are from shorter data set, blue from a longer one.

Chart #3. Daily BTC candlestick chart sized to show entirety of price action since CME futures launched at the end of 2018. The red dashed line is the descending top or ceiling that has existed since the futures launched pre-2018. The green dashed line is our projected long term target rate of ascension (average future price area).