Bitcoin's Golden Retracement
This chart shows a short term price target for Bitcoin over the next two days. In one of my previous articles I showed where BTC was going to bottom out using technical analysis and Fibonacci Retracement along with some other trading tools. You can see the article here: https://steemit.com/bitcoin/@hotsauceislethal/three-month-technical-analysis-graph-of-bitcoin-7-16-2017
Bitcoin did exactly what I predicted it was going to do! It found a perfect GOLDEN RETRACEMENT from the high of 3000 back down to 1800's. I said it was going to find its support in that range and that's precisely what happened.
Here in today's chart analysis I break down the past two weeks of Bitcoin's movement from a high ~$2600 down to its low of ~$1830 (I know it went much lower than that but we are approximating). According to Fibonacci Retracement theories we should see a price rise up to about the 2200 zone + or - with a high range of $2350 and a low of $2125. From here I would expect another retracement (fall) back to the 2000 ranges unless we have some serious investors step into the playing field. I read an article yesterday (on ICOalert app) that Coinbase approved over 1 million new accounts recently so there will definitely be a flood of new money. The question is will this flood of fresh investors be enough to hold off the recent bear trends? I think we will see a test of that new resistance zone around $2200 (light blue line) and if we can break past that we could even see a bull trend back up to $2600 by the end of the week.
TLDR version:
BTC should go up over the next 48 hours or so and if we see any resistance its going to be around $2200 and support should hold in the 1800-2000 range :-D
Price target by tomorrow:
$2350 per BTC
*As always never invest more than you are willing to lose and always do your own research before making any investments
By the way if the image is too small for you too see on a computer then hit CTRL and then "+" and it should zoom in on it :-D!