BTC has broken the 200 ma over several days and will eventually move down after consolidating. Where will it eventually find support? Probably the former resistance, right? The resistance from 2016 in fact. This places us in the 4000 to 6000 range depending on how long it takes to get there. This is roughly a 0.786 correction similar to April 2013. In order to maintain the two-step pattern, I would like to see another ATH maybe in 2019.
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And the fud is in. China FUD Mk. II - all crypto websites/exchanges to be banned in country. It had to come sooner or later. Before Bitcoin can be reborn it must first die. The market is still far too hot from December.
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It looks like we picked up a good bounce at the bottom of the channel at 6.6 k (Bittrex), I'm going with this. It's consolidating now. Hopefully it will reach the top of the channel over the next week. I will add to my position tomorrow if it looks good. Happy trading.
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6.6k did not hold. Looks like we may be testing the red zone on the chart after all.
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BTC looking good
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BTC is looking strong again. Currently I see rough similarity with previous minor uptrend of Jan 18, however it is possible may go higher to retest upper resistance after finding good support at 6000. Timescale: this should play out over remainder of Feb
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The uptrend of Jan 18 is fitting well
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New buy in @ 7900 (price might go lower) before heading to 9500
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Updating this super old chart. It seems that if the top of the channel doesn't hold then we will retest the bottom probably via the 0.786 fib
fractal is from 2014 bear + 2015 bottom
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we will break the 2016 trend, like 2015 broke the 2012 trend
