Bitcoin Price In 2018
The price of bitcoin went up ranging from $800 to $20K in 2017. During the first weeks of January 2018 the price has traded in a large consolidation between $10.7K and $17.2K, as of now it continues to make new higher lows and currently trading at $13.9K as I write this blog post.
Price Action
What pattern do I see in the current BTC price action?
The Consolidation from the beginning 2017 Yearlong rally, which will probably continue thought the end of January. Has been eye opening and clearly shows that bitcoin is being setup for a big move soon. Now whether this move is up or down it’s still unclear. My gut tells me up, but we must prepare ourselves for a fake-out or a reversal if it does happen. Look for a big sell off with volume confirmation same goes for a breakout up.
How Much UP or DOWN?
This is the easy part. Take the base of the symmetrical triangle or Highest price minus the lowest price from the big dump. $9191 if you use bitfinex. Now add or subtract this to the price where the breakout up or down happens from the triangle and you got your target. See charts for details and checkout my previous post for newbies and beginners.
