As seen from the above chart, BTC just broke the support line $9900 and the major uptrend line drawn from Sep-16.
The bear will further push BTC down to test the 2nd support line $8900.
The triangles show that BTC will have a breakout between Feb-13 - Feb-19, which is rather expected.
The Chinese are cashing out the money for the Lunar New Year, and likely the money will go back to the market during the new year.
However the trendline drawn from Oct-18 doesnt look like a strong support. Therefore we will checkout on the support line $8900.
To look at the bigger picture, BTC chart is a Falling Wedge
Prediction:
BTC will be trading between 8900 - 9900 until Valentine's day.
The breakout will happen at around Feb-16.
Trade carefully on bear market. This is a risky trade.
Trade Suggestion (Until Feb 12)
Buy at 9000
Sell at 9900
Stop Loss: 8000
2ND Suggestion
Buy Zone:
When BTC cross 9900 again. Dont buy at the first cross. We will wait for the confirmation of break out
Target:
- 11600
- 12000
- 12800
- 14000
- Open
Dont be greedy during bear market. Take profit at every target sell point.
Good Luck
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