I have to admit that I was expecting a correction, but not a big dump like this(it happened in a matter of minutes). Overall, we are talking about a 20% correction in just 2 days. I'm ok with that because I've bought at 4.4k in the spot market; although the futures account took a loss, stop-loss being triggered by the price fall.
Bitcoin tested the 200MA,...
Looking at the bigger picture, Bitcoin is very close o confirming one huge achievement: exiting the enormous descending triangle it had entered 2017. I think if the breakout gets confirmed on the weekly timeframe, the other two patterns I have on the chart might have a chance to play out:
1) V-shape bottom, with a target close to 16k
If BTC will not dump hard bellow the possible neckline, I think there is a chance that price will develop this pattern. That would put the target around 16k. Sounds crazy, ah? :)
What's your opinion on this?
It seems that Bitcoin is making its way to higher prices if we look at the whole picture, but in the meantime, it has some speedbumps that it has to overcome. I would say that this moment is one of them. From my point of view, there is an increased probability that the price will go to 10k-10.5k in the coming days. There I expect the resistance...
Everybody is bullish at the moment, so I will try a contrarian guess. I'm not trading these days, because I managed to buy way cheaper so I will not gamble my BTC for the moment.
What do you think, is it a plausible scenario? Can BTC make a turn and form a descending channel?
Hello, everybody! Even though we might test the daily 200MA support(with a wick that will get under it just to crush more SL or margin/futures positions), I think BTC is going to reach 15k in the next 1-3 months. After that, possible retrace to 9-9.5k area.