Bitcoin is going to retest — Will it break or pop up?
Bitcoin has passed through the descending trendline and is currently retesting (March 7, 2018).
There are a couple scenarios we're faced with now:
1. If it breaks back into the channel then it will likely perform another downward wave towards the 5000 - 6000 area.
2. Pending an upward bounce, rejecting the trendline, we may see Bitcoin in a long term uptrend again, probably moving back towards the 12,500 level. And if it breaks above that and holds? Maybe even back to 17,000 - 18,000 level.
We think it's very likely that Bitcoin will see 12,000 soon, but a move up to that 17,000 level is still uncertain.
We'll update our thoughts on this later.
2018 promises to be a good year for crypto though, and with Bitcoin still leading the pack, we expect it to rise as well.
Do your due diligence before trading!
There are a couple scenarios we're faced with now:
1. If it breaks back into the channel then it will likely perform another downward wave towards the 5000 - 6000 area.
2. Pending an upward bounce, rejecting the trendline, we may see Bitcoin in a long term uptrend again, probably moving back towards the 12,500 level. And if it breaks above that and holds? Maybe even back to 17,000 - 18,000 level.
We think it's very likely that Bitcoin will see 12,000 soon, but a move up to that 17,000 level is still uncertain.
We'll update our thoughts on this later.
2018 promises to be a good year for crypto though, and with Bitcoin still leading the pack, we expect it to rise as well.
Do your due diligence before trading!
Comment:
Bitcoin has re-entered the channel, we have not entered long or short yet. We'll see what happens...
Comment:
Bitcoin re-entered the channel. It's going to move even lower...
