After the last consolidation period at $7500 when Bitcoin corrected to $5500, we've seen a heavy rally.
This rally has peaked at $20,000 before the current consolidation period began and Bitcoin dropped just to $10,000, which is the 61% Fib retracement line from the ATH.
The current downtrend on the 1D chart shows a large Bullish Pennant (Green Triangle), which signals an additional rise equal to the last rally (%).
Additionally, if you look closer (see my previous TA about Bitcoin to $25k), the current downtrend is actually completing an inverted H&S formation this morning (Christmas Morning). I believe we still may have the $21k rally today, Christmas, followed by a slight correction and continued FOMO to $25k.
These $21k and $25k targets will boost confidence in the market. Also keep in mind the Bitcoin CME Futures will only be open 2 days next week (27th and 28th), before they are closed again until January 3rd (New Years Holiday). I believe that traders will see that the correction has happened, the market is healthy and the buy signals are clear and futures will see excellent potential to buy today and rally to $46,000 by January 15th.
Also, FOMO should help maintain progress after we've hit the $25k target.
The next consolidation period should happen after we hit $46,000 and it may fall as low as $26,000 to the 61% Fib retracement line again.
All of this including the next consolidation period will likely happen prior to the end of January 2018. Peak at $46k, consolidate to $26k and start again with more money being injected into the Bitcoin market from CME and CBOE.
This upcoming rally will push a great many alt's into 300-700% gains. Be prepared to jump on those opportunities.
Watch XVG, XRP, SC and TRX (TRON). They've been showing significant gains, SC maintaining positive growth even during this current consolidation.
This rally has peaked at $20,000 before the current consolidation period began and Bitcoin dropped just to $10,000, which is the 61% Fib retracement line from the ATH.
The current downtrend on the 1D chart shows a large Bullish Pennant (Green Triangle), which signals an additional rise equal to the last rally (%).
Additionally, if you look closer (see my previous TA about Bitcoin to $25k), the current downtrend is actually completing an inverted H&S formation this morning (Christmas Morning). I believe we still may have the $21k rally today, Christmas, followed by a slight correction and continued FOMO to $25k.
These $21k and $25k targets will boost confidence in the market. Also keep in mind the Bitcoin CME Futures will only be open 2 days next week (27th and 28th), before they are closed again until January 3rd (New Years Holiday). I believe that traders will see that the correction has happened, the market is healthy and the buy signals are clear and futures will see excellent potential to buy today and rally to $46,000 by January 15th.
Also, FOMO should help maintain progress after we've hit the $25k target.
The next consolidation period should happen after we hit $46,000 and it may fall as low as $26,000 to the 61% Fib retracement line again.
All of this including the next consolidation period will likely happen prior to the end of January 2018. Peak at $46k, consolidate to $26k and start again with more money being injected into the Bitcoin market from CME and CBOE.
This upcoming rally will push a great many alt's into 300-700% gains. Be prepared to jump on those opportunities.
Watch XVG, XRP, SC and TRX (TRON). They've been showing significant gains, SC maintaining positive growth even during this current consolidation.
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Bitcoin Bullish Pennant.. HODL - Next target +20% to $18,000
