Possible fall before the next big rise (part 3)
Will bitcoin touch the 50% extension @ 11 500 USD?
In my previous post I said that the chart was showing a signal of further fall to the next support which is at price level of 13.3K and that we were half way there. Ok, we are there now and it seems that the support didn't hold and at the moment of writing this post the price is 12 500 USD. This means that if today the daily candle will close below 13 000, this will be a strong signal that the next support at 50% of our fibonacci extension should be tested. This latter point lays at the price level of 11 500 USD.
What next?
Our weekly candle which is open since Dec 17, 2017 will close at the end of this week on Sunday. Depending on the closing price we can further discuss what will happen to BTC price and when is a good time to buy.
As for me, I am buying it with small portions as I expect the price to go up even over 20K in the coming Year.
I also said in my previous post which is part 2 of the original post, that there is 61.8% extension at price level just below 10K, which if tested will be the confirmation of Pantera Capital CEO Dan Morehead's prediction that Bitcoin will loose 50% before the trend reverses. He said this, when the price was playing just below 20K level.
Ok, we are now half way to the 50% extension and if the support at this level will not hold, we can be well heading to this 61.8% extension at the price level of 9 500 dollars per one bitcoin.
We shall see what is on the line next week and I'll be quite happy if my technical analyses show some proof.
Maybe you would like to read the Part 1 and Part 2 of this post.
Fantastic dear. All three parts are well written analyses.
I would add something if you don't mind:
The weekly candle is now below the previous week's opening price. If it does close below, this is another strong signal of price going down to 10K and even less. But I am also confident in the future rise. Keep up to part 4, 5 and so on until we see the next BIG RISE.
good point, upvoted and thanks for the comments, i hate seeing upvotes with half the page views and no comments. People like you are why i just came to steemit.
dec 22.2017 the day of judgment bitcoin
wow, you and i both called it, your slightly more on point them i am but wow. check out my articles (2) on the subject, i came at it will a different point of view, but have the same conclusion. I keep saying keep your eye on Trump, if he even mentions auditing the federal reserve, watch the price take off like a rocket, then really keep your eye on volume of currency trades not of the crypto sort. As the dollar falls, cryptos will be a somewhat safe zone.
well worth my upvote thank you.
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