Happy New Year traders! Wishing all of you the very best for 2019.
Here's my forecast for Bitcoin this year.
Background: Bitcoin is now trading past the halfway point of its correction that started at the end of 2017, and so we have the opportunity to plant some key levels to watch (and trade) and gauge the timing of the remaining consolidatory period (the most important part!).
Key levels to watch: - Currently the price is hanging around the 3500 support level, which will expire before Q2 2019 and likely resolve to the downside. - Below 3500 we have strong support between the 2300 and 2000 levels and should anticipate a rally from there to the post-bottom resistance level in Q2 2019. - Q3 2019 will likely pose as consolidatory. - Q4 2019 will likely resume the weekly and monthly cyclical bull.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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This forecast has been invalidated. Here is an updated view: