The last few weeks have further increased my confidence in the Bitcoin rally up ahead. My previous target was $100,000 EOY. My revised price target is $130,000 for Bitcoin by the end of December 2018. My understanding is that this rally will most likely coincide with a stock market rally before things take a turn for a bear market in the beginning of 2019.
All indicators currently favor the rally and we are well on our way to our price target. A monthly break and close above critical levels on the chart might render this analysis void. This is not investment advice. Please do your own research and due diligence.
All indicators currently favor the rally and we are well on our way to our price target. A monthly break and close above critical levels on the chart might render this analysis void. This is not investment advice. Please do your own research and due diligence.
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In case the price target of $130,000 is not hit by the end of 2018 but the analysis remains intact, I will continue to remain bullish in 2019 till the upper level of the channel is reached. In case the target is missed in 2018, the target for 2019 will be $250,000.
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The absolute minimum Bitcoin (BTC) could reach by the end of 2018 is $30,000. That's good enough for me to buy, regardless of whether it hits the target this year or not.
Trade active:
Five Candles of Consolidation
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If you don't want to miss the next rally, buy when there is blood on the streets, even if the blood is your own. The moment everybody turns bullish again is too late to buy.
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Bearish view (extremely unlikely). It would mean that Bitcoin (BTC) correction is just getting started and we are going to $300 to $400 levels over the coming years. Do you really believe that with all that's going on in the blockchain industry?
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Link Between Bitcoin and the Stock Market.
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Bears Running Scared. Important Support Line for BTCUSDShorts Broken. Candle just closed below. Meanwhile, HL formed on BTCUSD Daily Chart renders a bearish setup invalid making the bears even more scared. Just a little more patience. We're close to the next bullish impulse.
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Bingo! We can all finally get some sleep now. It's over.