Bitcoin Trend / 08-12-2017 Quick Update
Expected trading for the rest of day is between 12850.00 support and 16000.00 resistance
The bearish correction started due profit-taking at 16600.00 and
bitcoin price broke 15000.00 level strongly to reach 14400.00.
The price now around 14400.00 and technical indicators giving mixed signals.
Bitcoin price surging to unprecedented levels the reason why there’s a big risk of a tumble as it goes.
100 SMA is still above 200 SMA so the climb is more likely to continue than to reverse.
Stochastic indicate the sellers already take over price action.
RSI suggesting bearish pressure that could keep the correction going.
Expected trading for the rest of day:
is between 12850.00 support and 16000.00 resistance.
Expected trend for the rest of day:
Bearish.
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It needs some time to stabilize and accumulate a decent support level. What better time to happen than since the burst up from $12k. This is healthy for btc in the long run.
You are right
Your technical analysis is very good, bitcoin today high position.
I agree but I think as the gritty spurred gets bigger it will cause bigger drops too in ratio. In that case it might drop a little below $12,000 as a lot of people are now playing with borrowed money.
Please read my article and help discuss bitcoin:
https://steemit.com/bitcoin/@zen-analyst/bitcoin-the-ticking-time-bomb
Thanks for support,
CryptoZen
This is the same reply I posted in one of the other post about BTC correction.
Yeah I think $14000 scale back was expected, good time to buy now. BTC will rise again to $21500 before it dips back to $17500 and slowly climb up again to $19000 towards the end of the year.
These milestone price points will bring out lot of holders in selling their BTCs and we will see lot of sell orders hitting exchanges. Just a minor correction before it moves up again.
However, I do think the next milestone at $20000 milestone ($22000 point for correction) will be harder and we could see the price dip down to $17000.
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Thank you for the info @lordoftruth. I started investing in bitcoin two months ago and no regrets on that 😁😄
Thanks for the update of bitcoin article & great information.
High value of btc15,455 $
Thanks @lordoftruth
Have a great day
the great analysis sir...
keep it up...
@RESTEEM##
The same as my prediction. Will be bearish in an Triangle with a bottom at aroun 10k €. And if we break out of that box like we did in the past - it will go on with its bullish Trend. Especially with the CBOE Futures coming in on Sunday.
Because bitcoin reach their high level so now may be down nice post regarding bitcoin.