DariusAnucauskas
Short

BITCOIN - Weekly - My first ever analysis on this.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
So Chinese didn't help. Put some regulations in place against BITCOIN . I understand that it is last week's news, but we are having a nice negative reaction this week as well. Below $4000 now.

I have neither warm nor cold feelings towards this... this thing... Probably, because I don't own any. Unlike some of my fellow friends.
But because cryptos follow technicals (for now) I will review it.

No doubt about it, that if there won't be any sudden news about this, then we will continue with the drop. Currently, it is balancing around 38.2% retracement on the Fibonacci, but my prognosis is 61.8%. I think that this will be a great opportunity for all those, who still believes in Bitcoin , but missed the buying moment of it.

My pessimistic target is around $3000, where $2980 was this year's May high. That's a significant drop. But, for now, the key level will be around $3340. Theoretically, it could bounce off of it there, just because at that time will be way oversold, so a small jump back up could be possible. And then down after that, of course. This would be the first scenario, aiming for my pessimistic level.
But my second scenario would be that if the levelaround $3340 will hold and will become strong support, then Elliott Waves are kicking in and we will see our 5th wave.
Both scenarios are equally possible, so at the moment, in my opinion, only observation has to take place.

Now, these are just ideas, based on the technicals. Let's see what actually happens.

As always, keep an eye on the price action!
Comment: Cheque, please!
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
HE עברית
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