Bitcoin – The Fierce Dragon Chart – Jan 28 2018

By | January 28, 2018
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While I do use proper fundamentals and technical analysis, there is no harm in having a little fun.

Where do you think Bitcoin is going? Based on my analysis it can do 1 of 3 things. What? lol


Here is a Bitcoin chart using support/resistance, trend lines, Fib, and a few graphic interpretations that came afterwords.

Bitcoin - The Dragon - Chart Jan 28 2018

Bitcoin (BTC) as you know is much lower than it’s highs in Dec. Some exchanges seen over $20,000 USD but quickly dropped to levels we see today.

I drew a horn as you can see. Until we see this area, I wouldn’t consider anything close to a bull market (going up).

The 2 Diagonal lines below the horns show a downward channel. (Dragon Head)

There are 3 diagonal lines below the green/red bars that trend up. The first 2 diagonal lines show (Dragons Teeth) the last 2 rebound areas based off the previous trend.

If we go below the Top row of teeth, buyers will be chewed and spit rolled down the tongue.

BUT REMEMBER… Bitcoin IS a fierce dragon.. See those claws??? Yeah?

The dragon will be ready to clench and take flight from this area, and I hope you’re holding on for the ride! If not,,, Well, we’re still in for a ride!

 

What is your position on the direction of Bitcoin?
Is Bitcoin a fierce Dragon, or is it gonna be eaten by a fiercer dragon?

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