Why This Chart Prove The NEXT Bitcoin Price DIRECTION!

Why This Chart Prove The NEXT Bitcoin Price DIRECTION!

The Charts Prove It All Why Bitcoin Price Has No Limit

In this interview, Kelvin identifies the historical technical patterns in Bitcoin using the cyclical arc. He also explains how to use the Fibonacci numbers to predict price movements. Here is the summary of the video.

Although Bitcoin and other cryptocurrencies have got a limited price history, there are identifiable and reliable patterns that are repeated over time. Looking at the chart, one can pick a repeating sort of cyclical 1,2,3 pattern using an arc. The price has never gone above the upper resistance line. Also, the price has never broken and closed a month down below each of the three arcs.

Now, the price is falling and testing the 12 - month moving average horizontal support level and the edge of the arc. At the edge of the large arc, a horizontal support zone is obvious. Also, a smaller arc is created. These arcs make up a perfectly geometrical pattern.

The fact that the price is tested at many areas of resistance shows that this isn't a coincidence anymore. The price is breaking down into a bullish descending wedge pattern. So, the technicals are looking pretty good at the moment, breaking out of a bullish descending wedge, creating support.

Looking at the chart, $90K to $100K is a possible target after which Bitcoin may start descending into the next bearish cycle. But the price could also rise to as high as $400k, although this target seems unrealistic and unachievable. All we need to see is the price breakout of this collection zone. Otherwise, the next support level will be $10K or $20K.

If you plot the Bitcoin price since inception back to 2010 in a log scale, it closely follows a Fibonacci sequence – a naturally occurring numerical sequence that you can find in many parts of nature such as trees, leaves, etc. The system was formulated by Fibonacci, an 11th-century Italian mathematician. And it's one of life's great mysteries.

In the world of meteorology, Fibonacci is repeated over and over and it's one of the key scientific numbers that govern the world. You can apply the system to price charts. The Fibonacci numbers are often found at support and resistance levels.
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