Update 2 (Jan 15, 2018)
Bitcoin price forecast: My journey since Dec 2017 and what I am waiting for.
Patience paid off last time and so, I am going to wait for my prices again. NO chasing :))
This Dec 21 chart helped me last time (for Bitcoin re-entry):
Previous update (update 1 dated Jan 14 2018)
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.
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)
To read the original post dated Jan 1, 2018, click here