Disclaimer: This is for educational purposes only and is not financial advice in any perspective
Getting ready for one last push down in the A-B-C (blue) correction wave for BTC before price action will take off again. Bitcoin has been consolidating on low volume over the last two weeks, on the lower end of its trend channel (yellow), creating what looks like a pennant flag (red). This signals further downside is imminent.
However, as overall sentiment is still extremely bullish and key support around $ 8500, coincides with the 78% Fib. Retracement level as well as previous consolidation from the beginning of December.
Looking to place buy orders at around $ 8900 as buyers have previously stepped in somewhat “early” during correction/ consolidation phases, and I am still bullish on BTC for the medium and long- term. If $ 8500 does not hold then I believe we have to say goodbye to 100K BTC 2018.
Link to larger chart picture:
https://www.tradingview.com/chart/BTCUSD/OqoHqXeD-Bitcoin-one-more-leg-down-before-takeoff/
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But this is only technical analysis, it does not necessary mean that it will follow this kind of forecasting. Crypto is very sensitive to the outside news, so if bad news show up everyone starts to panic and dump they coins. It's a tough game.
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Yes my friend, it is "only" technical analysis, but in my opinion all outside news is only FUD, aiming to slow down the adaption of crypto and shake out all weak hands...Let´s see how price evolves over coming weeks :)
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