JohnCameron93
Short

BTCUSD - Near/Medium Term Short - Long Term Bull Flag Forming

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price Corrected ~50% from the all time high at December 17th, 2017

This is the largest correction I have personally seen since I started mining in February 2017.

Historically in the last 3 years we have closed red in January;
(2017, -0.2%) (2016, -14.5%) (2015, -32.4%).
We are currently down ~18% for January, 2018.

The uptrend from September 17th, 2017 was broken hitting a low of $9,222 or -20% in one day. Through buying or covering of shorts, the sell-off was almost entirely reversed. A $2,200 swing.

We are currently trying to break back over this trendline but so far being rejected.

Drawing a parallel channel from the all time high it looks like the early signs of a bull flag on the daily timeframe although it is too early to tell.

My target for this sell off remains at $7,900 with the $10,000 round number acting as intermediate support. I am reluctant to take a bullish stance until we see how price reacts at $12,950 resistance.

Thinking of market psychology it is not normal for mass media to predict the top of a bull market. Therefore I do not believe this bull trend is over. I could be wrong in this assumption but I am interested in watching how this plays out.
Comment: Price rejected at $12,950 resistance.
Trade closed: target reached
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out