Bitcoin maybe to 12,000 to 12,500. There is a lot of resistance in this area on the 1 day chart. The cloud shows a good picture of the resistance overhead challenging Btc to keep on its current Bullish uptrend. I think we are still going to retest lows before we have a confirmed trend reversal and look for new all time highs later this year. Btc will retest the 6,000 level and i look to find a new bottom between 3,500 and 6,000. There is a lot of market sentiment involved in where that bottom will actually fall along with other economic factors. As I pointed out before the traditional equity markets would go into a Bear trend around 2/8/18. This has happened along with the predicted action of BTC in the last few weeks. A weak rally to 12,000 struggling all the way. With another 2 - 4 months of Bitcoin Market Cap decline it will struggle for another 6 weeks or so before making its true reversal. Look for BTC to Peak around 12/6/2018. I will put out some numbers and more accurate predictions soon. I am very bullish on bitcoin!!! 2018 will be a great year.
This is not financial advice just my opinion on how this coin will move. Be cautious and only risk what you can loose.
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If BTC goes to 12,000 then the reversal will go to around 5200 surpassing the low of 2/6/18 of 5,900 by 3/8/18. If Btc turns down from its current position look for the bottom of 4,750 by 3/6/18. Again this is my prediction and not intended to be financial advice. The MACD on the 4H chart is oversold and the RSI looks good, opposite of the 1 day. With so many trend lines converging on these points as well as a good Elliot wave set up the 4,750 is what I feel is a more likely scenario. Once this number is tested we will be off to all time highs once more. Look for a slow reversal from 4,750 taking off by 4/1/18 based on current charts and indicators. Again this is my opinion.
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The cloud is another good indicator for the long term, look as the price approaches it and the other trend lines pointing to a sharp decline if the price bounces down from 12,000. MACD looks positive from a distance here but is actually staring a reversal. Volume is continuing to decrease on the 1 day another sign of a reversal. RSI extremely oversold here.
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After recounting my EW pattern it was incorrect. My number of 5,200 for the projected retest of the low based on 12,000 is accurate. Verifying this with an intermediate wave count and the minute wave count making up the larger waves. As pointed out to me we are actually in the ABC Correction phase looking for point C which lies around 5200 since my earlier post the price is inching closer to 12,000.
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we will reach point b of this correction in the next 5 days or less, but i think we may see the low of 5200 tested closer to 3/24/18 instead of 3/8/18. Again these are just my analysis and not financial advice
did you stop trading or just stopped posting your ideas?
davidvillarreal.sa
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Your EW count is not quite right, you are taking it as an impulse wave down and it needs to be 5-3-5-3-5 structure, the first wave is not an 5 at all, is a correction pattern. From the ATH @19531 USD to the lowest point that we got @6075 USD it's a big ABC correction. I've already made a huge research, check my textbooks and big EW experts and yes, it's definitely not an 5-3-5-3-5 structure
vthokiee97
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@DavidVillarreal.sa, absolutely I will look at it. Thanks for your insight. I always look for positive criticism and insight from other analysis. Thank you.
davidvillarreal.sa
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@vthokiee97, Absolutely man, I love to contribute to anyone, we chartist need to probe ourselves grong as many times as necessary to polish our skills
vthokiee97
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@DavidVillarreal.sa, absolutely. I’ve been wrong many times and proud to say it. If it weren’t an analysis and predictions everyone would be Warren Buffet and there would be no volitility in the markets. It’s leaning and knowing you never have every variable accounted for but making the best possible prediction based on the information. Thanks.
longbowdon
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I see it climbing to $13800 slowly until the end of Feb. then making its run past 20k beginning in March. :)
vthokiee97
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@longbowdon, I think we will hit both those numbers. I feel we will have another test of the recent lows first and look for 20,000 by 5/1 ish or so. My humble opinion. Thank you.
hart-mo
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But MACD is bullish?
vthokiee97
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@hart-mo, often there are not complete agreement in all indicators. Btc is still in an uptrend for the short term. On the 30 minute charts you will find other indicators showing bullish signs. This is another reason I feel we are looking at a downtrend after hitting 12,000. The overall long term trend looks for a bearish run before the eventual bullish run.
Joker1970
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@vthokiee97, what is your time frame for 6000 to 3500 decrease, in crypto world for traders reading these TA's 1 week is short term, 2 week is mid term and 4 week is long term. Projections exceeding these time frames is just betting