In the month of October, we've seen several spikes and dips of the BTC price. In today's report, we'll focus on the last five days. The graph tells us the story as you can see it in the image below.
On it, you can observe what I call, an inverted Marshall pattern with the phases becoming shorter. This usually predicts the reversal of the general trend.
In my opinion, the next phase will be short and with a small rise in the price. After that, anything can happen.
Moving from the theory to the real world, I entered a position which was waiting in fiat at the € 8,093 level with a plan to convert it at the point D of the latest phase, at around € 8,200.
The graph was drawn half an hour ago. At this moment, BTC sits at the 8.180 level, according to Bitstamp.
The phase is fulfilling itself rather quickly. Actually, I wanted to enter with another position yet the change was too quick for it.
The report above is my personal representation of the real-time data. Do not take it as investment advice. Make your own thorough research and decide on your own will. It is your money and your decision.
Thank you and good luck!