Bitcoin Price Chop - Chart Analysis


Yesterday I shared this on the Wirex Chat telegram group:

[Dec 21, 2017, 12:18:12 AM]:

bitcoin is set up on the 1 day chart for a dip
we could easily see around 14,000 in next couple days if this correction continues
that’s not investment advice :slightly_smiling_face: just reading the charts

I said:

The 4 hour chart BTC/USD shows price is testing the Ichimoku indicator cloud. Future cloud is turned red which is negative. MACD is pushing up which is positive. So the market is making a decision.

And then:

The market did make a decision. We pierced the Ichimoku cloud and tumbled on down.

We’ve now hit that target of 14,000 shown in the first picture.

So it’s decision time again. Now could be a good moment to ‘buy the dip’.

But… with MACD pushing down on the 3 day chart we could be in for continued correction. The next support line is 11,800. Below that it’s 7,500.

Either way, when the market finds its feet again, it might be one last buying opportunity for all the people who thought 'If only it was $10,000 per bitcoin instead of almost $20,000, I’d buy some". Well, now’s their chance.

Bitcoin to the moon.


If this week’s Weekly Candle closes around where it’s at now (it’s Tuesday, so 5 days to go), then here’s my medium to long-term view of the bitcoin price:

Yellow line shows we consolidate for a few months into 2018 then break through resistance around March (x marks the spot).

That breakthrough begins a new huge price rally all the way up to the summer, perhaps 65k. Then we see another big price correction (around 30%) taking us to around 45k for the winter, before a new bull run in 2019 (literally off the charts).

That’s not investment advice, just my personal projections and interpretation of the historical chart and shifts in global sentiment towards bitcoin. I think we’re going to see 1% market adoption grow to 10% over the next year or so.

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