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
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