Hello Steemit Members,
Currently we are seeing a steady price around $8500. the price is getting closer to the green neckline of the head and shoulder pattern. We broke above the neckline yesterday, however it quickly got rejected. What we are looking for is bitcoin to close above the green neckline. We want to see a lot of volume come in. Without the volume, bitcoin will fall back below like it did yesterday. A good buy in would be a successful retest of the neckline or a buy order above $9000. If bitcoin successfully breaks above the neckline, we could see bitcoin go to $10k, $11.2k, and possibly $12.5k.
We have some major support at the blue 100 hour MA, & the red downtrend line. If price breaks below these, we will see a retest of the 7500-7800. A break below this price level could bring bitcoin back to retest the 6k support. If successful, it would be a good buy in price. if not, the next support I'll be looking at is the $4500 to $5000 level.
Over all, I am pretty bullish on bitcoin short term. Even if price were retest the 6k level, I am fairly confident it'll succeed and it'll be a great discount to buy.
All follows, comments, & upvotes are appreciated!
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I am sorry, but this is too speculative.
I am sorry you feel that way. I personally like to state all the possibilities. It's important for people who can't read a chart to know the possible outcomes (not just 1 outcome), and currently these are the possible outcomes that I can see based off the chart.
JRcrypto
Yes, crypto investing is speculative and risky, but high return. I think, @jrcrypto has performed the analysis so well. Actually, I have forecasted bitcoin price movement for Feb 2018 in different way (not charting, because I am very bad of doing chart analysis). And the result is similar to the @jrcrypto analysis result, btc has a possibility to down to $4,000 and the good news is btc has also possibility mooning to $80,000 by this year (based on my analysis). Come and visit my blog if you wouldn't mind. Thank you.
I am not new to technical analysis. What I mean by speculation is the inverse head and shoulder - I don't see that is there. Just my opinion.