My Bitcoin Price Target for EOY 2018 = 4750
Lots of retail traders BOUGHT when price was consolidating at the 6,000 area at the key and obvious level of "support"
Once price broke down and people started to see -10%... -20%... -40%+ losses on their portfolio, now we have reached an area where so many retail traders are in the mindset of "I have LOST this much dollar value on my position... I need to close out of it because:
a) We are going into a new tax year
b) Christmas/Holiday is coming up --> need cash flow
c) Retail psychology being exploited... buy high, sell low and take losses
It would make sense to see everyone who has been getting out of the market now at these lower prices be taken advantage of since there are large amounts of liquidity available for professionals and institutions to now take short term positions.
I still believe we will eventually see bitcoin dip down to the structure near 2750, but in the SHORT TERM my money is on seeing Bitcoin go higher towards 4750 as we head into the new year.
Trading involves risk, im not a financial advisor and anything that you do with your money is at your OWN risk / discretion.
Practice risk management, demo trade until you're confident and here's to your success in trading my friends.
Lots of retail traders BOUGHT when price was consolidating at the 6,000 area at the key and obvious level of "support"
Once price broke down and people started to see -10%... -20%... -40%+ losses on their portfolio, now we have reached an area where so many retail traders are in the mindset of "I have LOST this much dollar value on my position... I need to close out of it because:
a) We are going into a new tax year
b) Christmas/Holiday is coming up --> need cash flow
c) Retail psychology being exploited... buy high, sell low and take losses
It would make sense to see everyone who has been getting out of the market now at these lower prices be taken advantage of since there are large amounts of liquidity available for professionals and institutions to now take short term positions.
I still believe we will eventually see bitcoin dip down to the structure near 2750, but in the SHORT TERM my money is on seeing Bitcoin go higher towards 4750 as we head into the new year.
Trading involves risk, im not a financial advisor and anything that you do with your money is at your OWN risk / discretion.
Practice risk management, demo trade until you're confident and here's to your success in trading my friends.