With each big BTC movement we gain more and more data about where it is actually heading in this correction. Some people thought it can´t break the strong support zone of 12 500 USD, but (even if the daily candle isn´t closed yet), it looks it did. So the question is: where is it heading now?
I like to keep the analysis simple, but we still have several signs which shows us the 10 000 border as the final one.
1. the most importand one: the mid term trading channel ends here. If Bitcoin gets under this line, it is a very bad sign for it. But when I see how many new people is getting into cryptocurrency, I don´t believe this will happen. Most of them are probably panic selling now, but when one whale buys at this level, they will be panic buying and pulling the price high.
2. 10 000 is a full number. And as always, these full numbers are very important rezistance/support zones. We have seen that Bitcoin bounced back from 5 000 earlier this year. On 10 000 it stopped for a while and on 20 000 it reversed for over a month. So yes, even Bitcoin reacts at these numbers
3. Simple elliot wave counting gets us there as well. Depending on the angle of the wave it can get there around end of January.
I am always careful of trading when only one TA strategy shows me the trade is ok, but when 3 such strong strategies show this, I am quite sure. If this scenario plays out and the new cycle begins, we can look forward for a pretty nice gains in first half of 2018 - Depending on same elliot waves I can see the price at around 27 000 USD (but as bitcoin is unpredictable in it´s growth, it can simply go to 50k until may).
But as always, TA is just helping us to understand what is happening using old charts as an example. You can never predict the future and even if it isn´t very probably, we can have a look as low as 8k or 5k where are another major supports.
Have fun!
I like to keep the analysis simple, but we still have several signs which shows us the 10 000 border as the final one.
1. the most importand one: the mid term trading channel ends here. If Bitcoin gets under this line, it is a very bad sign for it. But when I see how many new people is getting into cryptocurrency, I don´t believe this will happen. Most of them are probably panic selling now, but when one whale buys at this level, they will be panic buying and pulling the price high.
2. 10 000 is a full number. And as always, these full numbers are very important rezistance/support zones. We have seen that Bitcoin bounced back from 5 000 earlier this year. On 10 000 it stopped for a while and on 20 000 it reversed for over a month. So yes, even Bitcoin reacts at these numbers
3. Simple elliot wave counting gets us there as well. Depending on the angle of the wave it can get there around end of January.
I am always careful of trading when only one TA strategy shows me the trade is ok, but when 3 such strong strategies show this, I am quite sure. If this scenario plays out and the new cycle begins, we can look forward for a pretty nice gains in first half of 2018 - Depending on same elliot waves I can see the price at around 27 000 USD (but as bitcoin is unpredictable in it´s growth, it can simply go to 50k until may).
But as always, TA is just helping us to understand what is happening using old charts as an example. You can never predict the future and even if it isn´t very probably, we can have a look as low as 8k or 5k where are another major supports.
Have fun!
If not, we will stay on a simillar level 10-12k until the end of the mid term channel