Bitcoin mid-Jan Update (update 2)

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 :))

Bitcoin Jan 15

This Dec 21 chart helped me last time (for Bitcoin re-entry):

Bitcoin Dec 21

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)

Bitcoin Jan 14 (1)

To read the original post dated Jan 1, 2018, click here

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: https://twitter.com/Flourish_Venkat

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2 Responses to Bitcoin mid-Jan Update (update 2)

kellingco says:

January 15, 2018 at 1:30 pm

Hi V! I am thinking about starting to trade Bitcoin but my broker (Schwab) doesn¹t seem to have the ticker. How can I trade it? Thanks, Kerry

From: Crystalballing with Venkat Reply-To: Crystalballing with Venkat Date: Monday, January 15, 2018 at 12:16 PM To: Kerry Elling Subject: [New post] Bitcoin mid-Jan Update (update 2)

WordPress.com Venkat Pulakkad posted: “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”

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- Venkat Pulakkad says:
  
  January 15, 2018 at 2:02 pm
  
  You can open an account with Coinbase and trade directly (right now Bitcoin, Litecoin and Ehereum can be traded). The account activation process stake 8-10 days time as you have to go through a verification process for linking your Bank account. (and every fund transfer and withdrawal takes a week to confirm). Slightly more painful compared to trading with brokerage accounts but people get used to it (LOL). However, if you are interested in trading BTC futures, I think E-trade allows it.
  
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