Bitcoin mid-Jan Update

Bitcoin’s selling pressure may be gaining momentum. It did bounce at the 50 DMA & then ran to 17,000 but since then, has broken below the 50 DMA once again.

Further to the original post made here on Jan 1 2018, I had published two chart updates for Bitcoin on Twitter & StockTwits, on Jan 3 and Jan 9. For easy reference, I am posting all the 3 charts here:

Original chart from Jan 1 2018. (the full post can be read here)

bitcoin Jan 1

Chart Update posted on Jan 3

Bitcoin Jan 3 2018.PNG

Chart Update posted on Jan 9 (the first target of 12700 was met on Jan 11)

Bitcoin Jan 9

Now here is the latest Update (Jan 14, 2018)

Keeping the fundamentals and the craze for cryptos aside, now that the 50 DMA has been conclusively broken, I expect continued selling pressure on Bitcoin for some time until it finds a floor in Jan / Feb. This is not to say there will be no interim bounces – after all, a daily trading range of 10-20 % is very normal for Bitcoin.

The chart below reflects my current forecast for Bitcoin with targets for Jan & Feb. The bearish targets of course are subject to 13,000 level being broken decisively. (I do not hold any BTC currently but will start buying if it gets to the 9000 – 10000 range)

Bitcoin Jan 14 (1)




About Venkat Pulakkad

Entrepreneur, management consultant, blogger & forecaster. Founder of Flourish Research Media that provides insights on markets, trading strategies & risk management. Currently an active trader with 20+ years of experience trading Forex, Stocks & Options. Areas of interest: Trend / Swing trading, Macro-tech analysis, building trading strategies, deploying Risk Management techniques, and helping / coaching traders to become successful traders. Twitter link:      
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