Bitcoin to CRASH to 8500. Happy New Year!
It's finally time to pay the piper.
Bitcoin needs to CRASH NOW!
Many have called for it for a long time. How fitting if it came on
the last day of this crazy year of 2017.
We see this wonderful Head and Shoulders that formed throughout December.
Head and Shoulders is a bearish reversal pattern, but to be honest, they often fail and don't break down. But when they do break down, they are highly predictive.
But in the last weeks, we've seen some very BEARISH activity.
We were unable to make new highs in the last week, and we broke through the 200 period moving average, as well as the trend line that connected the uptrending lows price points.
Now we are testing the NECKLINE support at the psychological lucky number 13000 level.
If we break 13000, it's clear, our target is the 161.8% projection based on the depth of the "head" in the "head and shoulders", which lies at 9500.
If we can break 9500, then we have a very strong support level at 8500, which was a former consolidation area.
LONG STORY SHORT:
If we break this current level, we should see much lower prices.
LONG TERM:
I am bullish overall, but I think we need a price shock to shake out the weak hands and a few more months at least to stabilize before the next move up.
THE SWING TRADE:
On a website like BITMEX you can short XBT (Bitcoin). But on most other sites, that's not possible, so at least get out of your positions and save up some cash to buy at those levels. I personally will be buying new positions at each stop, around 10k, 9.5k, and definitely 8k. We should see a bounce from one of those levels.
Sincerely,
Berlin Trader
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EXCHANGES:
Buy 100$ of Crypto with Coinbase and get 10$ FREE:
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You can find the latest cryptocurrency news on www.CryptoKing.org
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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.