[UpVoteInvest Project] BTC mid-term forecast

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Hello Steemians,

It’s been repeatedly said that making short term predictions about BTC, based on technical analysis, is silly. At the same time others think it’s foolproof. Silly because very often the price will rather depend on unpredictable or made up news in the media. It’ very hard to forecast when and what kind of information will come to the surface. Foolproof because you can simultaneously draw ten different scenarios, and one of them is likely to be successful.

It’s a bit easier with medium or even long term forecasts. Everything depends on the trader’s experience in this case.
We are humble and don’t brag about our expertise in crypto trading. But we are certainly not newbies. Instead we would like to present our vision of the next move that the BTC price might take in the upcoming several weeks. Below is a day chart from Bifinex.

Usually, in order to change the direction any stock or coin price should first bounce of the support line after reaching it at least twice. Most of the time the bottom is defined when the price becomes acceptable for the majority of the market. At this point the trend changes its direction. Still, only after testing the price cap.

As we speak, BTC is in the descending sideway trend between lines 1 and 2, and has already broken through the support line 3 once. That's a good indicator that very soon it will get to the support line 4. Of course, unless we hear some extraordinary news from the media again. Otherwise, get ready to see BTC dropping to $6500-7000. Either right away or after a few brief comebacks to the line 2.

We are anticipating a highly volatile market for the rest of February with pumps and dumps for different altcoins. So, we all will have opportunities to earn or to lose. Hopefully, the former. Be cautious and act wisely.

We wish you profitable trading!

The Hive account@upvoteinvest team

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A formal disclaimer
Some of the posts might contain our opinion on trading strategies based on our technical and fundamental knowledge. However, please, invest at your own risk. We can’t be held responsible for any losses.