Bitcoin Update: Technical Analysis (17/01/2018)
Hey everyone,
Although many people are panicking about the direction of bitcoin and crytocurrency at the moment, Bitcoin is still within the initial pattern we drew up. It may look bearish, however it has not broken out of the pattern yet. I still strongly believe that we still will go horizontal for a while. We shouldn't expect a huge rise anytime soon. I think we will remain between 12500 - 15000 range for another 2-3 weeks minimum. Anything below 13000 is a definite buy for me.
Be patient and remain in the game. 2018 will be a good year for crypto hoddlers
Good luck to you all
I hope you're right, the last week or so has not been kind! I'm a relative newbie but rather shocked that Bitcoin has been so subdued the past month or two after going near 20,000. It seems that in the past coins just went up but now they go up and crash back down. Perhaps this is a response to the recent exponential rise in many coins, or is it a shift resulting from all the hype and new buyers....are the days of huge gains over?...if so then I missed the boat.
I personally wouldn't worry until bitcoin drops below 10k. If it drops below 10k then you can be concerned. Its very unlikely for it to drop that low with billions of dollars flowing into cryptocurrency still.
Thank you for the analysis, @vynchy! I see you have a vision about the structure of the BTC correction. Could you check out my idea about it. I am trying to find it out using Elliot Waves and looking for help of traders!
Yes sure I can :D @dkn
Great quick post and straight to the point! Definitely in a trading range with a lot of pressure given the recent run up. However, the RSI is looking much better than a month ago when there was no doubt it was in a overbought phase.
Got to keep in mind crypto market is growing in the billions every single day.
Thank you very much my friend :D
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