A healthy correction was needed in what was an exuberant 2017 market, especially that last quarter, but how low will we go?
The bears still appear to be in control, especially helped by a dose of negative news in recent weeks.
The Bears will continue to benefit from headlines that appear to center around the uncertainty of any regulatory impact on the price, if not the existence of BTC and ilk.
The Bear pressure could push the market to test Long Term support line coming in today at approx. 8592 and of course, a violation of these levels opens the door for a bumpy ride to possibly as low as 6000 range' BUT I have a hard time seeing BTC test much lower than the 8592 range absent any major HEADLINES.
That said and absent any more FUD, the market needed a healthy correction and now I believe BTC can soon resume its historic run in the next couple of months.
If the headlines dry up, it could help the bulls swing the momentum back to an upward trajectory or at minimum hold off the Bears and develop a consolidation area above 11000.
Short term prediction based on the TA, look for BTC to close near or above 11450 by the end of this weekend and FOMO momentum has us testing 12800 resistance through the end of next week.
Support & Resistance Levels
R3 - 17389
R2 - 14547 - 14180
R1 - 12788
Current price = 11200
S1 - 10784
S2 - 8854
S3 - 8100
S4 - 7472
S5 - 5975
The bears still appear to be in control, especially helped by a dose of negative news in recent weeks.
The Bears will continue to benefit from headlines that appear to center around the uncertainty of any regulatory impact on the price, if not the existence of BTC and ilk.
The Bear pressure could push the market to test Long Term support line coming in today at approx. 8592 and of course, a violation of these levels opens the door for a bumpy ride to possibly as low as 6000 range' BUT I have a hard time seeing BTC test much lower than the 8592 range absent any major HEADLINES.
That said and absent any more FUD, the market needed a healthy correction and now I believe BTC can soon resume its historic run in the next couple of months.
If the headlines dry up, it could help the bulls swing the momentum back to an upward trajectory or at minimum hold off the Bears and develop a consolidation area above 11000.
Short term prediction based on the TA, look for BTC to close near or above 11450 by the end of this weekend and FOMO momentum has us testing 12800 resistance through the end of next week.
Support & Resistance Levels
R3 - 17389
R2 - 14547 - 14180
R1 - 12788
Current price = 11200
S1 - 10784
S2 - 8854
S3 - 8100
S4 - 7472
S5 - 5975