Bitcoin – Sell The $17-18k for $10k Target End Of January

Technical Analysis and Trading Ideas

Bitcoin – Sell The $17-18k for $10k Target End Of January


Bitcoin – January 8, 2018 @ $17.000+? And then sell, Sell, SELL! 


In this update, I want to follow up on the previous update of Bitcoin “Bitcoin 2018: Low $5.000 and High $90.000” in which I explained that we could see a bounce up after the drop from 20k to 11k. And that bounce could be an opportunity to decrease long exposure or even add to overweight shorts.

In today’s update, I want to share where we are now and if the patterns keep aligning, what we could/should expect for the next couple of days/weeks/months.

 


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Bitcoin vs Silver Parabolic Pattern


The left side of the chart shows the Silver parabolic pattern, zoomed in on the pattern of nr. 11. After the sell off from nr. 9 to nr. 10, nr. 11 formed a dead cat bounce in the form of an abcde pattern, retracing 2/3 of the original drop.

Now, if we compare this with the current pattern of bitcoin, then it seems fair to conclude that nr. 10, the 1st sell off after the vertical move up (nr. 9), looks finished. Last week, I was under the impression that nr. 11 was already finished, but now that I zoomed in on the silver pattern of nr. 11, I think the current view better matches the comparison between the two.

If correct, this would lead to a target for nr. 11 of $17.000-$18.000 for the second week of January, after which nr.12, the next sell off, could take place. Target for nr.12 is expected to be below $10.000, so this indicates another drop of at least 40% into the end of January.


 

 



 


Total Portfolio Strategy 2018


If you want to read more about my Total Investment Strategy, then please read this update first: 2017 Performance and Total Portfolio. 

Or read my latest update on the US Markets: Dow Jones Industrial, Party Like It’s 1987! 

This is what I will do over the next couple of weeks/months:



Follow or Copy other Traders! 



 


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