Bitcoin maybe to 12,000 to 12,500. There is a lot of resistance in this area on the 1 day chart. The cloud shows a good picture of the resistance overhead challenging Btc to keep on its current Bullish uptrend. I think we are still going to retest lows before we have a confirmed trend reversal and look for new all time highs later this year. Btc will retest the 6,000 level and i look to find a new bottom between 3,500 and 6,000. There is a lot of market sentiment involved in where that bottom will actually fall along with other economic factors. As I pointed out before the traditional equity markets would go into a Bear trend around 2/8/18. This has happened along with the predicted action of BTC in the last few weeks. A weak rally to 12,000 struggling all the way. With another 2 - 4 months of Bitcoin Market Cap decline it will struggle for another 6 weeks or so before making its true reversal. Look for BTC to Peak around 12/6/2018. I will put out some numbers and more accurate predictions soon. I am very bullish on bitcoin!!! 2018 will be a great year.
This is not financial advice just my opinion on how this coin will move. Be cautious and only risk what you can loose.
This is not financial advice just my opinion on how this coin will move. Be cautious and only risk what you can loose.
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If BTC goes to 12,000 then the reversal will go to around 5200 surpassing the low of 2/6/18 of 5,900 by 3/8/18. If Btc turns down from its current position look for the bottom of 4,750 by 3/6/18. Again this is my prediction and not intended to be financial advice. The MACD on the 4H chart is oversold and the RSI looks good, opposite of the 1 day. With so many trend lines converging on these points as well as a good Elliot wave set up the 4,750 is what I feel is a more likely scenario. Once this number is tested we will be off to all time highs once more. Look for a slow reversal from 4,750 taking off by 4/1/18 based on current charts and indicators. Again this is my opinion.
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The cloud is another good indicator for the long term, look as the price approaches it and the other trend lines pointing to a sharp decline if the price bounces down from 12,000. MACD looks positive from a distance here but is actually staring a reversal. Volume is continuing to decrease on the 1 day another sign of a reversal. RSI extremely oversold here.
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After recounting my EW pattern it was incorrect. My number of 5,200 for the projected retest of the low based on 12,000 is accurate. Verifying this with an intermediate wave count and the minute wave count making up the larger waves. As pointed out to me we are actually in the ABC Correction phase looking for point C which lies around 5200 since my earlier post the price is inching closer to 12,000.
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we will reach point b of this correction in the next 5 days or less, but i think we may see the low of 5200 tested closer to 3/24/18 instead of 3/8/18. Again these are just my analysis and not financial advice
