Yes, no one can predict the charts, but we can study probabilities, can't we?
So, check the chart I have inserted and let's discuss. first, I'd like to explain the indicators I use:
- EMA 21, Exponential Moving Average, which is used to detect the short term trend
- EMA 55, to detect the midterm trends
- EMA 100, to observe longterm trends
- SMA 200 can also be very helpful, the Simple Moving Average, for big picture
- Fibonacci Retracement levels
The idea is, BTC has done a parabolic run within April till June, retracements are inevitable. there have been some, like the one on May 17th, but I believe the momentum for retracing is not fulfilled completely and though we seem to be in a confirmed BULL trend, we will have more drops to some of the old support levels.
I have pictured 4 zones, with percentage of probabilities, which should be watched. the 4th Zone has a percent below 50 and I don't argue it should be called possibility rather than probability.
Please don't forget, I only express my opinions here, not advising anyone in to any decision to make. everyone should trade on his/her own risk and responsibility.
I originally post this analysis here on Publish0x, but may also reflect or repost this or part of it in my Twitter, tradingview or steemit accounts, under same username, @honarparvar
stay juicy and profitable in your trades ;)