Last week, I posted the analysis of bitcoin price trend and predicted there will be a waterfall. Well, it happened this week. So what will happen next?
First, you can notice that the lowest price of each wave is actually getting higher. This means that there is strong support at the bottom and the price is gradually lifted during the last one and a half month, meaning the adjustment is going nearly to the end.
Now you can imagine bitcoin as a just recovered patient. It is now still in the adjustment period but positive period. So firstly it will go uphill and a small downhill(10600 - 11000 and then a small waterfall because it is still being recovered ). Accordingly, there will be a lot of gradually decreased the waterfall and uphills many times.
Then when it rushes out of 11000 you can deploy some of your money into it. But be careful 12000is a very important location as there are massive selling bills(in both spot and contract markets) there those buyers need to fill into their appetite. If it doesn't breakthrough 12000, then there will be another round of adjustment. From the weekly technical indicators, you can see actually there is a demand to go back but now it is still unclear so that's why there is another possibility like what I said above.
This week there is no more fancy opportunities to trade, just go out and have fun!