BITSTAMP, 1D, BTCUSD
150EMA has broken today and there was no significant reversal when it was penetrated.
It's not like 17th Jan.
So, What is waiting for us?
I marked three major trend lines that might act as a strong support. Like you can guess, the yellow lines.
Minor down trend channel is marked cyan dotted lines.
The first yellow line and the cyan channel cross at 9.2K which was the lowest price of 17th Jan. And we also can see that 0.618 retracement level and 200EMA(purple) are placed around there.
We can expect some reversal at mentioned level, but the level is not strong enough to make down trend to up trend because the cyan channel is just a "minor" channel of down trend.
The CME contracts of February expires on 23rd Feb.
The CME contracts of March expires on 29th Mar.
If pointed No.1 target collapse, the next target could be No.2, 3 and 4.
When we touch the No.2 target and CME contracts of Feb. is long, we can expect No.2-1 target as maximum. In case of short, No.4 target is seem reasonable.
The price of BTC was extraordinary increased in short term. So the correction is necessary and need to be huge.
The prediction that BTC price could fell to 4K is not a mad thing.
There is output when there was input.
This is a simple nature phenomenon.
Good luck.
150EMA has broken today and there was no significant reversal when it was penetrated.
It's not like 17th Jan.
So, What is waiting for us?
I marked three major trend lines that might act as a strong support. Like you can guess, the yellow lines.
Minor down trend channel is marked cyan dotted lines.
The first yellow line and the cyan channel cross at 9.2K which was the lowest price of 17th Jan. And we also can see that 0.618 retracement level and 200EMA(purple) are placed around there.
We can expect some reversal at mentioned level, but the level is not strong enough to make down trend to up trend because the cyan channel is just a "minor" channel of down trend.
The CME contracts of February expires on 23rd Feb.
The CME contracts of March expires on 29th Mar.
If pointed No.1 target collapse, the next target could be No.2, 3 and 4.
When we touch the No.2 target and CME contracts of Feb. is long, we can expect No.2-1 target as maximum. In case of short, No.4 target is seem reasonable.
The price of BTC was extraordinary increased in short term. So the correction is necessary and need to be huge.
The prediction that BTC price could fell to 4K is not a mad thing.
There is output when there was input.
This is a simple nature phenomenon.
Good luck.
