Which is the Bitcoin Forecast for 2019? Find out the latest Bitcoin news!

Do you want to know the latest forecast for Bitcoin? Watch our latest video to find out which is the Bitcoin Forecast for 2019 and what are the Bitcoin future value predictions!

The latest Bitcoin Forecast for 2019 – insights into Bitcoin future value prediction.

Hello and welcome to Diary of a Trader! Today’s video is going to go over something called, “A Mirrored Foldback”, but it’s also going to determine whether or not we’ve actually hit a market bottom in Bitcoin. If you have not been paying attention to cryptocurrencies, then you’ve probably heard about the dramatic rise and decrease in prices in Bitcoin, ever since December of 2017. So this will be relevant for those of you who, both, know and trade and invest in cryptocurrencies and those who do not. If you don’t touch cryptocurrencies, this will still be relevant because this is a great technical analysis video.

So, first off, what we’re looking at, this is a Square of 52 or a Gann Square of 52. And what a square of 152, or sorry not 152, of just 52. A square of 52 is a square that he used frequently. It’s 52 weeks and then it’s divisible into time cycles of eight. So there’s eight separate divisions of this 52-week cycle and it has its own market geometry that is associated with it. And it’s traded just like you would in the other type of Gann Square. What is very interesting and important is that, you know, it is the 19th of June 2018 right now, and it is the 15th of June when the exact midpoint of this square occurred. So, within this time cycle, we are within the middle zone here of both the time and the price action. So, as we’re reviewing this chart and we’re looking at the current value area, we can see that Bitcoin is actually at or near a yearly low. The yearly low was met back on the 5th of February and it dipped down as low as 64.25. But what is interesting is that we have decided to find a consolidation zone over a period of about five trading days, near the exact mid here, and then we started to trend up. We have decreased volume approaching this day, and now we have had some increased volume from yesterday and including today. Now, the question is, how high is it going to go or is this actually a reversal or are we going to continue? You know, looking at the chart, we can see that the current daily candlestick is right above these two Gann angles and this downthrust angle has acted as a source of resistance for the last two swings, but currently we are trading above it and it looks like on shorter time frames that we may trade, even higher above this one and maybe extend it to test this angle here.

Now, at the beginning of the video, I discussed something called a mirrored foldback, and we have probably gone over a video like that before, but it’s important to identify how that would play out here, in Bitcoin’s chart, because structurally, in price, we have formed a base, so we formed a triple bottom in the value area, right on the middle of this entire yearly cycle. Also in structure, we’ve completed a triangle. All right, we could really just draw that real quick. We have completed a full triangle for the entire year, or rather for the first half of this 52-week cycle, we’ve completed a triangular shape.

Now, if you remember the video or if you don’t, a mirrored foldback is a repetition in the structure or in the shape of previously traded price. And this is something that happens frequently because we know that prices are not random, that they trade and travel in very similar patterns frequently, and so, what we’re looking for, in trading view, there’s a tool called, Bar Patterns. And if we go to the beginning of the square here, and then we go down to the very beginning of this date, the tool looks like this. And what we want to do is, we don’t want to mirror it, but we want to flip it, so we want it to show like this. And then, what we’ll do is we will just place this right on top of the current price activity. So, a mirrored foldback would tell us that the price action that we’re going to trade is going to, more than likely, emulate this structure here. And all we’re looking for is, if I take this trend line drawing tool, I want to actually change the settings of it, I want to make it thicker and not extend the lines. Black, there we go. All we’re really looking for this to do is trade the similar structure of the major swings. I suppose you could even say that there’s minor swings in here too, but this is the kind of shape and, rather not the shape, this is the kind of direction we would expect to see Bitcoin travel for the remainder of the year, it would emulate this.

Now obviously, it doesn’t have to perform this exactly, the foldback can be completed on a much shorter time frame too. But this is the kind of future price action we would be looking at it to emulate. Now, what we need to be aware of, is that while the foldbacks are very common, that doesn’t mean that the structure is finished, because we could not trade this and we could still complete the very same structural triangle that we see on this side of the first half of the 52-week cycle. All right, so we could see price in some manner and in some degree trade within this triangle, all the way up to the all-time high or beyond. But, if that does not happen, if we do not see a foldback trade and if it’s a bullish drive higher, then what we’re probably looking at is for Bitcoin to move right up, let me remove a lot of this noise here, but this entire circle in here, and these angles, notice how expansive the distance between the angles are. If we look right here, we see that there’s a bunch of angles forming this kind of a kite pattern and the rule of angles states that when price breaks an angle, it’ll trade up to or below to the next one. So we can see that repeated frequently in Bitcoin’s history, where we were trading here, and we broke above this angle and we started to test the next one, we broke above it, tested the next one, broke above it, and so forth.

So as we trade into these zones where the angles are larger, or the distance is larger, so is the trading expansion. So, if Bitcoin were to trade up back to the 8100 or 8200 value area, that would be a break of this angle, rather these two angles, and if we were to look and say, “Well if Bitcoin broke the angle here at 8000, where’s the next value area? Where’s the next angle above it?” Way up here, towards 9000, or 9800. Actually, we could just say towards the 10,000 value area. So, as prices move higher here, we can and should see a lot of momentum pushing things much higher in the future, all right?

But again, remember that there is the possibility of a mirrored foldback, where we will just observe a repetition rather of the past price action until we get more than likely beyond this time cycle here is where we may see a deviation in that change. But otherwise, we should expect to see a higher movement in prices going forward in Bitcoin. And if, in fact, we do see the foldback pattern play out, that will be, personally, very exciting because it’s often very, very rare that you get to catch a situation where you go from a historical swing high or low followed by a trending bottom or a high and then you can see that happened in the middle of a very important time cycle, so, the probabilities of that kind of a foldback chance happening, is increased. So this is actually a pretty neat thing to observe and we should be really vigilant to see how it plays out in the future.

Hope you found this video interesting, and I look forward to talking with you in our future videos. Bye-bye.