fakhan
Short

Bearish BTC Continues to Go Down (Fall to $9k Likely this Week)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC             continues to remain bearish . There is no volume to take it higher. I believe the final drop around $9k will happen by the end of this week. I expect next week to be bullish but the overall weekly trend is still bearish and I don't see a jump to $20k+ happening anytime soon. We will follow closely to see when BTC             will fall out of that trend but I don't see it happening before February. If history repeats itself, we can explain that the drop in January was expected and similarly we can expect high buying volume around Valentine's Day. It is also useful to notice that money is flowing from cryptocurrencies into Gold             for now but I think it will change soon in the weeks to come. Thank you. Trade safe :)
Comment: For all of you asking for update, we are well on our way to $9k, possibly lower. It could get dragged but I certainly see it happening before 26th Jan i.e. before the next CME Futures Contracts Expire.
Comment: Just take a moment and compare Bitcoin prices here, on WorldCoinIndex and then on Coinmarketcap. You will see that the price on Coinmarketcap is almost $1000 higher than in other places. That's some pretty shady stuff right there. I checked 20 mins back and the price was alike but now it is different. I don't know which metric they silently excluded this time to show a false higher price.
Comment: Alert! They fixed it. Instantly. Look at that. I mean, wow. Gross incompetence or deliberate manipulation?
Comment: Propped it up again. Check now!
Comment: BTC is going down for the week. We're well on our way to our target(s).
Comment: Even some experienced traders here lose perspective when they try to follow the price every damn minute! Sometimes it helps to stay calm and look at the bigger picture. When you do your due diligence, that's it. Make your mind and stick to it. It doesn't matter if something extraordinary happens and you're proven wrong. Discipline is paramount in trading. Good luck, everybody!
Comment: Listen, I'm a big fan of dollar cost averaging and I understand if some traders want to buy in parts and they do a bit of shopping at this price but personally for me, it's not worth my risk/reward appetite at this price because I can see the big picture and I think we'll have plenty of time to buy under $10k.
Comment: I expect a fall below $9k this week to around $8700. Next week will most likely be positive with a rise to $11k from this week's low. Also, if we are lucky we will break out of this bearish channel next week. If not, we should prepare for a fall to $5k. Good luck! :)
Comment: Another Red Week.
Comment: Right on point. We're headed to our target.
Comment: Weekly target reached.
Comment: Seems like I was right after all. Buy volume picking up around Valentine's Day.
Comment: Watch for breakout! Looks bullish.
Trade closed: target reached
Comment: BTC will most likely break out of this channel this week towards $20k from here.
Good call. Nice charts.
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Time to turn this candle green! 2,5 days left.
+1 Reply
@Acel, yep
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Agreed. Thanks for sharing, Fakhan. Good luck
+1 Reply
streamDr streamDr
@streamDr, ...although, my feeling is, this ain't quite over, yet?? Cheers
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fakhan streamDr
@streamDr, Well, seems to be close to over for the week. Whatever happens next, we'll have to see.
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streamDr fakhan
@fakhan, I'm still not convinced. Whatever transpires, good luck fella.
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Agreed..
+1 Reply
I think this has a chance to reverse this week, that doji is very promising.
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@Acel, Don't think so, mate.
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