Bitcoin bouncing 20% off the daily low, closing in the green while all major crypto markets follow suit. This is the type of day I have been looking for for a bottom. Fibonacci levels look great from high around 19891 to low today of 3456. I would bee looking for a bounce up to 5500-6800 region then a retest of the lows. Bitcoin holding the 179 week moving average which is the same level it held back in 2015.
Key levels for 2019 on the upside:
-7334
-9734
-11673
-13512
-16373
-19891
On the downside, there is clearly large demand up to 2975 region. Below that there could be a fast gap to 1800 area and below that 1360. I personally don't think it is going much below 3000.
Anywhere below an 80% decline from all time high has historically been a spectacular buy for bitcoin.
Some fundamental data has also been improving with network traffic on the rise and bitcoin active wallets continuing to rise. Network hashrate should be a lagging indicator so look for that to uptick before the end of the year.
Also, look for renewed interest with Fidelity and Bakkt onboarding new customers in January 2019.
My long term price projections are 250,000-300,000 sometime in 2022.
I would also be looking for a swift move upward if there is some type of economic stimulus is announced to protect the stock market. Bitcoin will also benefit if the Fed starts lowering interest rates again and especially, in the longer term, if they turn interest rates negative.
Key levels for 2019 on the upside:
-7334
-9734
-11673
-13512
-16373
-19891
On the downside, there is clearly large demand up to 2975 region. Below that there could be a fast gap to 1800 area and below that 1360. I personally don't think it is going much below 3000.
Anywhere below an 80% decline from all time high has historically been a spectacular buy for bitcoin.
Some fundamental data has also been improving with network traffic on the rise and bitcoin active wallets continuing to rise. Network hashrate should be a lagging indicator so look for that to uptick before the end of the year.
Also, look for renewed interest with Fidelity and Bakkt onboarding new customers in January 2019.
My long term price projections are 250,000-300,000 sometime in 2022.
I would also be looking for a swift move upward if there is some type of economic stimulus is announced to protect the stock market. Bitcoin will also benefit if the Fed starts lowering interest rates again and especially, in the longer term, if they turn interest rates negative.