Where Will Bitcoin Go Next? The Chart Master Weighs In
After getting pummeled for much of 2018, Bitcoin has staged a nice rally off of the lows, but what could be next?
Bitcoin got as low as about $6,500 several times over the last month, but has since rallied all the way back up to get right near $10,000 before pulling back.
That is nice and all, especially if you were a buyer at $6,500 and a seller at $10,000, however, where do prices go from here?
One of my favorite technicians, Carter Worth, was on CNBC's Fast Money last night and he says a big move is coming in bitcoin, and he is betting that big move is up.
Where does Carter Worth say prices go next?
If you are not familiar, Carter Worth is known for being a very good technical analyst, in fact his nickname is "The Chart Master" and he is featured on CNBC just about every week.
Though not always right, he is one of the best chart guys in the world.
Regarding Bitcoin, he says that the price is currently breaking out of a rather larger wedge patter.
To get that pattern, Carter basically drew a trend-line line from the lows of 2015 all the way up until now, and then a drew a line from the highs of 2017 until now.
The resulting pattern looks like a wedge as shown above, showing higher lows and lower highs:
What does this mean?
In his eyes this means that there is some indecision going on. Some people say it's going to the moon, others say it is going to zero.
The wedge is a representation of that indecision.
However, just recently the prices have broken out of that wedge to the upside, a very good thing according to Carter.
Which means that the next move could indeed be higher as prices get resolved to the upside.
The interesting thing about wedge patterns is that they often resolve violently. Meaning that when a direction is ultimately decided the move is often a significant one.
Which means this really could have some serious legs.
Another reason Carter thinks the next move is up:
Carter also noted that when prices retested those February lows in early April, they didn't get all they back down to the lows.
Instead they held up right above there and then turned back up.
Another sign to him that says the path of least resistance from here is up.
Carter concluded by saying it looks to him like the next move is higher for bitcoin, if he had to be short or long here, he would be long for sure.
The full video can be found here:
https://twitter.com/CNBCFastMoney/status/989981861349912581
Stay informed my friends.
Follow me: @jrcornel
I feel it may be getting ready to make a solid move. Was watching the charts ladt night and they were hunting hard for stop losses so that is a very bullish sign for me
Currently, based on price data over the last year, an 11.7% stop loss at $7909 is ideal.
Good luck trading!
Cnbc is a great contarian indicator.
I wonder what Carter's opinion on price would be after seeing this chart:
He just deals in technicals, so probably wouldn't even look at it. :) Though that is a pretty interesting chart.
Wouldn't that be something :)
Just hope that BTC doesn’t give me a Wedgie
😂🤓😂
I'm new to Cryptocurrency, but have been trading for many, many years. It's strange to me to understand more of the technical chart conversation than I do the underlying security, which is Bitcoin in this case.
It seems that Bitcoin is the legacy or standard flavor in the cryptocurrency world, much like the dollar is in traditional currency. But there seems to be more and more players everyday. I just saw a post advertising a new crypto for porn...I guess it's so porn lovers can buy and trade without shame? I dunno.
However, I'd like to know those of you with more expertise if you think that the deluge of new "coin" in the market dilutes from Bitcoin's value or strengthens it? Normally, more players in a market dilutes value (supply and demand forces), but in a crazy world where new coin can be created for any given reason (like porn), it seems the crazier it gets, the stronger a long lived, well established coin like Bitcoin will get.
Admittedly, I don't have enough expertise to make a confident judgement on that yet, but if anyone has thoughts, I'd appreciate hearing them. Thanks!
From what I have seen in my last 5 to 6 years of cryptomining is nice new shinny coins help to boot BTC, ETH and LTC as outside investors have to use these cryptocurrencies to turn their fiat money into a cryptocurrency they can then transfer to an exchange to trade for the new shinny coin. The more attractive a new coin is, the more new money it brings into the crypto universe, the higher the top base crypto coins go.
A good example is the porn coin you heard about. That coin is called Verge or XVG, it is actually not an exclusive porn coin, it is actually what is known as a private coin that uses a technology called wraith protocol to make it to where it can not me traced, making it a private coin. This coin was actually started as a hobby in a guys basement which it later gained popularity with its promise of the wraith protocol and after a few failed attempts by the XVG devs to make XVG relevant they finally brokered a nice win/win with the recent partnership with PornHub (aka the Netflix of the porn world).
So to make a long story short,(as I plan to better explain all this in an upcoming video), now those that never indulged in paid porn content because of fear or embarrassment of it being linked to them via credit card recipients can now do so anonymously but only after they inject their most welcomed fiat money into the crypto universe by buying BTC, ETH or LTC in order to trade for XVG as most of the bigger exchange's like CoinBase will only allow you to buy these three with fiat money.(You could aslo use Bitcoin Cash but those other three are the main three used). At this point the rules of supply and demand come into play making the cryptos I mentioned more sought out, and in demand, and as such; helps to raise their price.
Sorry if this reply was too long as I tried to make it as short as possible without becoming too confusing. Hope this answers your question. Happy mining/investing.
That's a fan-damn-tastic reply...thanks! Admittedly, I'm catching about 70% of what you're saying, but I'm learning, and that's the important thing. I'll be following and looking forward to your future posts!
If you get board, check out the two videos I posted aimed at newbies thinking of getting into the crypto game. I think you will find some good info in them. Most newbies dont know that there are two different crypto types. You have your coins and you also have your tokens. Coins are simple currency where as tokens can be compared to owning stock in a company.
We have certainly broken above the huge downtrend line. so it only makes sense that we go up from here according to TA
True
great upvotion
Mainstream supporting Crypto. Let the FOMO begin!
I was bearish but now i`m neutral not selling and not buying
great comment
mkt looks good overall
Next stop $100,000!!