Hello Steemit Members,
Bitcoin is now sitting around 10k. We predicted this level from our last post, with a buy in price at around 8900 to 9000. I'll explain how and why exactly these were good levels to buy, look below this paragraph for more information. I'm sure you all are wondering if BTC is set to go back to 20k. I am here to tell you it is possible, but it should not yet be the level you look at. Bitcoin can just as much go back to 6k. Don't get caught in the hype. It is to early to predict the $20k price. Bitcoin looks like it's headed to the next downtrend line around $11k. I expect a pull back to around $9.5-$10k from this level. Breaking this downtrend line will be rough, but breaking this will be a very bullish sign for bitcoin. However, there is major resistance around the $12k - $12.5k area. That will be the true test. Until we break above that, there is no reason to believe bitcoin will go back to 20k. For now, the goal is to get above 12.5k. If we were to drop below the neckline, or around $8500. That would be a bad sign for bitcoin. and a retest of the 7.8k resistance will come at play. The more we retest a level, the more likely we are to break it. We do not want to see bitcoin break the 7.5k-7.8k price range because that'll mean a retest of 6k will come in play.
All follows, comments, votes, and resteems are appreciated greatly.
Thank you!
Technical Analysis Overview: Inverse Head & Shoulder for Bitcoin (BTC)
We are now at 10k, we predicted this was a possible outcome from a reliable trend reversal pattern called head and shoulders. Below, you'll see that bitcoin met all the text book requirements. Bitcoin first broke above the green neckline, but it failed. However, it tried again and this time it succeeded. As we can see, it broke above the green neckline, fell down and retested the neckline. Once traders saw the retest was successful we saw a lot of volume come in. Everything we need for a head and shoulders pattern breakout. This was a good buy in price, which i recommended in my last post.
Now, 1 thing to note. This does not mean bitcoin is going to 20k. The head and shoulders pattern does not mean it reverses for good, just for now. The low was at 6k, and the breakout was around 9k. This means the price has a chance to go up 3k (9k - 6k = 3k). This should bring us to around the $12k level. A major resistance area. There is no guarantee we will reach $12k, but there's an ok chance we might.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
