Hey guys and gals,
Been getting hit with the 'ban' news recently affecting the market however I always believed that a ban cannot be implemented with bitcoin and cryptocurrencies. We identified a pattern recently that looked like this...
Looking at this typical pattern we see that bitcoin in the same pattern did a pullback. If we do not rise above 14000 USD in the next few days we will definitely be in a bear market. If we break through and hit 15 or 16k we may definitely see the run to 20k soon.
If we do see this pullback play through and we drop to lower levels, we should keep in mind this valuable cheat sheet I will share. Within the market cycle psychologically I believe we are in the "denial" and/or "panic" zone.
Looking at this chart, we do have more room to drop. As I said I feel like we are in the panic or denial zone and we will still drop a little more. I will show you how much we can drop. This being said I do believe we will see bitcoin between 50k - 100k by the end of 2018.
The golden ratio, which is the 61.8% retracement level, shows about 7.9k US. I do think we will slowly drop around there (IF WE DONT BREAK THROUGH 14K). We may drop down to these levels before we slowly start to rally up again.
If within the next few days bitcoin pumps above 14k USD I do believe we will still be in bullish territory.
Good luck to you all,