For now the market is still very strong, hanging around the highs and seems like it has no intention to make a healthy correction towards the 7500/7800. Thing is, after a big rally like this it would be more if the market makes a correction to those levels instead of going up from here, because than it will be only a matter of time before we see a mean and sharp drop of maybe even more than 500 points. I mentioned in my previous analysis, that i would close my position from 6710, if we do decide to go to the 8300/8400 now. My stop for this position is around 7500. And i will probably add if we reach the 7500/7700, but i will decide that when/if we get there
When i look at the chart, even though it's looking very strong and buyers keep coming in at these high prices, i think we will start to see a small drop towards the 7700/7800 within the next 24H. When we look at the rally from 7250 a month ago, we can see at which stage we are now. My guess is we have seen the high for now and price could be making that correction anytime soon. I copied that purple support line, but thats just a guess to where price could bounce up from IF we make that drop . Whatever happens, in my view price has to stay above the 75xx level to keep high momentum.
In my previous analysis i have discussed what i expect for the medium term, so please read those for more information i try to answer everyone, but is has seriously begun to be a full time job now, so i won't answer questions anymore that i have already given the answers to. I hope you understand that. For anything else, feel free and i will try to answer you.
In summary, for now i still think price could go towards the 9000/9500 and around those levels i will probably start to build up a big short position. I don't have a target yet, could be 7500 could be 6000 and could be 4000. I don't get ahead to much and i determine my goals when i think we could be seeing a reversal.
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7500 should hold as support, otherwise it will drop to 7200.
For now let's watch what it will do here, price is still holding the 7840 so if it can extend it for an hour or two, it could turn up again. But for now the bear flag looks pretty weak, so chances are much higher we drop from here
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Bulls did show strength by pushing it to the high again but again failing to push through. Now there is another scenario and that is that bulls are trying to making a big triangle here. See the purple lines, of course there is always the option it drops out of it instead of breaking upwards. That's why the smaller time frame is helpful sometimes. For now it dropped out of that channel suggesting we look up the purple support line or the neckline
Now if for example, this rich guy would donate 95% of his profits made with Bitcoin, than i would give his prediction a 50/50 value
UAE/KSA/Bahrain/Oman have their own exchange.. http://www.bitoasis.net and their people can buy there using card.. but its kinda expensive the fees are high
and me currently here in KSA, there are a lot of locals here selling bitcoin in personal or bank transfer