BTC weekly chart ready for correction

2017年12月1日

BTCUSD pair was struggling over the last 24 hours. Bitcoin has been absolutely pummelled after the well-documented break above $10,000. The daily candle from the last session would have been a shooting star. This is a very negative sign, but currently it looks the $9400 level is offering support. If it gives way to selling pressure, expect a run down to the $9000 level. If support holds, the uptrend could take BTCUSD above $10,600.

But on longer time frame I'm not so optimistic. Weekly and daily charts on Bitcoin are looking way overextended for healthy growth. The last time that Bitcoin had a negative week was in beginning of NOV, since than we only saw one way – up. From technical perspective a retracement back under $6,000 is possible and the first strong support is just under $5,000. From there, Bitcoin can start building bullish momentum again. I see this scenario very possible before we get any further leg up.

2018年2月2日

注释

I made this call on 1 DEC....was a bit too soon..but my target is still in play.

2018年2月5日

注释

A call from DEC when everybody thought its impossible ...right on target!!