DrJLT

BTC retracement levels in the last six months

BITSTAMP:BTCUSD   Bitcoin / Dollar
As the chart shows, retracements in the last six months have become shallower & shorter. Many believe that currently BTC is going to shoot up again.

Personally, I do think it is unlikely to fall much further. However, the recovery may not be swift:

1. All indicators still suggest overbought condition + bearish divergence.
2. The 20k resistance is too close.
3. People are in the holiday mood and don't want to take on further risks.
4. Coinbase listing of BCH will draw some buying power from BTC .

While before I thought it could reach 25k be EOY, now I think it's going to remain under 20k, 2-4% growth per day with some drops in between.
Dec 21
Kommentar: wow, forget about 25k. Looks like BTC is heading for .236. Let's see if it holds.
hard fork(s) incoming!!!
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