Hello Steemians!!!
As you might already know, I'm using XRP instead of Bitcoin, to try to predict the overall movement of the cryptocurrency market.
Finnaly we got some signals that the trend is starting to change.
In this image from the 4hour chart we can see a small gap, and the price already broke the high of the first candle. So this is a bullish signal. As usuall everything develops very fast in cryptocurrency, in the next couple of hours we will find out if the previous gap around $1,50 offers any resistence or if it will go to $1,7.
If we look at the big picture, we can see the formation of an upward leg, a strong trend reversal pattern, that is nothing more than the formation of a higher bottom. Pretty reassuring after the price bouncing back from the bottom of this channel.
If we wanted to get ballsy with our prediction, we could take the Fibonacci sequence, from the previous movement, and project it from this higher bottom. This tells me, the next significant correction will happen around the $2 mark.
If this is really to happen, I think it will during this day, or maybe till tomorrow, as I said, and you know, how fast the cryptocurrency market moves. We have yet to see how it develops around the closer, less important, resistences.
This is my own opinion, don't use it as financial advice.
For my predictions, I use a technical analysis trading setup I explained here, and also my knowledge of other setups along with common support and resistence lines, and Fibonacci levels.
As you can see I don't have a huge following base, so if you want, you can help me by resteeming this post.
Thank You!