Bitcoin is facing a larger correction
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UPDATE (August 24)
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Here is what happened so far this since my "Bitcoin is facing a larger correction" forecast 1 month ago. Since I said "I was bullish on Bitcoin until we breached the 610 US Dollar price area" Bitcoin fell down to $442.
My short target was $500
tradingview.com/v/HvkyjwBQ
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UPDATE 2 (July 28)
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The Bitcoin price is finally moving down (even without any major bad news) as predicted 17 days earlier. The last support is somewhere around here: $550 to $575: tradingview.com/v/ytvhmTtQ/
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UPDATE 2 (July 17)
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Since the fast rally from the last low at $608 failed around $625 to go above $630 and turned into a dead cat bounce, we are now back in the original larger correction which I forecasted before Update 1.
My new forecast after looking at more signals is that $600 is going to be a very critical price area. If we break below $595 we might see $550-$560 again. Worst case maybe even $500 as I posted here in my new chart:
tradingview.com/v/HvkyjwBQ/
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UPDATE 1 (July 12)
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I was partially wrong on this one. Since we are overall in a very strong uptrend the decreased Bitcoin price served as a welcome area for patient traders to now re-enter the market at a cheaper price - after they bought in the correction below 590 US Dollar and then sold at the previous peak around 645-655 US Dollar. I expected a larger buy back to happen, but starting at the psychological round number of 600 US Dollar with the risk that this area can't be supported and that we then break below 600 US Dollar. I didn't expect a massive buy back with full force at 608.5 US Dollar as it actually happened at Bitstamp & Bitfinex.
My forecast is that the Bitcoin market will stay above 600 US Dollar.
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I was bullish on Bitcoin until we breached the 610 US Dollar price area. I see the next support somewhere around 575 US Dollar before the overall uptrend continues. I see this as a larger healthy pullback, not as a downtrend.
UPDATE (August 24)
-------------------------------
Here is what happened so far this since my "Bitcoin is facing a larger correction" forecast 1 month ago. Since I said "I was bullish on Bitcoin until we breached the 610 US Dollar price area" Bitcoin fell down to $442.
My short target was $500
tradingview.com/v/HvkyjwBQ
-------------------------------
-------------------------------
UPDATE 2 (July 28)
-------------------------------
The Bitcoin price is finally moving down (even without any major bad news) as predicted 17 days earlier. The last support is somewhere around here: $550 to $575: tradingview.com/v/ytvhmTtQ/
-------------------------------
UPDATE 2 (July 17)
-------------------------------
Since the fast rally from the last low at $608 failed around $625 to go above $630 and turned into a dead cat bounce, we are now back in the original larger correction which I forecasted before Update 1.
My new forecast after looking at more signals is that $600 is going to be a very critical price area. If we break below $595 we might see $550-$560 again. Worst case maybe even $500 as I posted here in my new chart:
tradingview.com/v/HvkyjwBQ/
-------------------------------
-------------------------------
UPDATE 1 (July 12)
-------------------------------
I was partially wrong on this one. Since we are overall in a very strong uptrend the decreased Bitcoin price served as a welcome area for patient traders to now re-enter the market at a cheaper price - after they bought in the correction below 590 US Dollar and then sold at the previous peak around 645-655 US Dollar. I expected a larger buy back to happen, but starting at the psychological round number of 600 US Dollar with the risk that this area can't be supported and that we then break below 600 US Dollar. I didn't expect a massive buy back with full force at 608.5 US Dollar as it actually happened at Bitstamp & Bitfinex.
My forecast is that the Bitcoin market will stay above 600 US Dollar.
-------------------------------
I was bullish on Bitcoin until we breached the 610 US Dollar price area. I see the next support somewhere around 575 US Dollar before the overall uptrend continues. I see this as a larger healthy pullback, not as a downtrend.
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