BITCOIN UPDATE: Could rise to 14.3k before dropping back down to 7.5k!

stew (43)in #bitcoin • 7 years ago

Screenshot at 2018-01-18 18:15:41.png

Here's what I am currently seeing on my chart.

Obviously, out 60 day cycle is extended. This does have to happen during the course of the year at least once. Why? Because there are 365 days in a year. If each cycle was only 60 days then it would only equal 360 days.

But, as I showed previously, we had already extended a cycle once before. The reason for this extended cycle could have something to do with the huge run up right before Christmas, the futures opening, big money pouring in, and enormous and exuberant hype. Bitcoin went up FAR FAR TOO FAST. It must have time to rest and bleed the sellers out.

Now, it looks like Bitcoin sellers are done for a few days at least. But the bulls still don't look very strong.

We could go up to $14.3k before BTC is forced make a decision (see chart). At this point, if the bulls have enough strength, we break out of the channel and continue up to my targets outline here and in previous posts.

Target #1 - @20k
Target #2 - @28k

Or ...we continue down. If we go down, the 200MA will move up and over to meet us at the bottom of my channel where the bottom of the channel and the 200MA will intersect (see chart again). This will be huge support and should be enough of a correction at that point to get our bulls back in the game. I expect this intersection to take place (if we do go down from 14.3k) in about 2 weeks or so at around $7.4-7.5k.

Let's all watch and see how BTC decides to try to surprise us this time around. Lol.

Happy trading friends.