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Alright let's analyse Bitcoin again: 1. Bitcoin has broken its strong support in the last days of 2017. This was a very strong support and after this we dropped $2500,-. This was a very important support for BTC for the long term. After this drop we formed a new support line. (Dotted line)
2. This support (Dotted line) was and is also support during the last days. Next support is the 50-day average. (Yellow line) We already tested this support two times with a spike, but we didn't break it yet. (Arrow a & b)
3. This is strong falling resistance level. If we keep closing above our support line (2) and above 50 ma, a test of this resistance(3) is very likely. A close above this level will give us a strong bullish sign and a pump towards 19000 will then be the result. But I don't see this happen. On the other hand, a close below our supports (2 & 50ma) will give us another bearish sign. A drop towards another strong support (c) 9900 is very likely then. Support levels are the fibbo levels. Besides that, MACD and RSI are giving a bearish signal.
In summary: A close above support (2) next days, will trigger a test towards resistance 3 (16000). A close above this resistance (3) will trigger a pump towards 19000. A close below support (2 & 50ma) will trigger a big drop towards support c (9900 now).
Personally, I think that a drop towards 9900 in January is most likely, but we have to follow our analysis. I have positions in a lot of coins, but not in BTC anymore since we broke support 1. This was for me a sign to sell and it is a good descision so far. I'll open a short position if close below support 2 and I'll buy BTC again if we close above support 3.
Good luck!
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Trade active
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We close above our support line, yesterday. We have to close above this support today to continue our uptrend. A close below might trigger a pullback towards the pther support levels as mentioned in the idea.
Trade active
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What I already thought looks like to happen. A close below the dotted support line, means that our trade towards 9900 is active.
Trade active
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It's dropping faster than I thought, so $8800,- is also possible next days.
Trade closed: target reached
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$9900,- target reached. I'll keep updating this chart.
well I will buy small portion here and sell around $16000 and then see what happen.. if we break dotted support line I will sell all btc and also large portion of other alt altcoin too! Thanks for the TA.
danbut
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@netsky11, why would you sell alt coins during this shouldent they naturally catch up to bitcoin especialy during bitcoin downtrend ?