Let us look at the situation a year ago. We see almost a similar situation. BTC went down from Fibo 1 to Fibo 0.38 at that time. The market recovered quickly and the share price was then at the beginning of March at Fibo 1.23. This is also related to Chineese New Year. If we compare the situation, the market was much more sceptical about Bitcoin a year ago. Don't forget that. And today: Bitcoin launched a new technology. Lightning could be the 2018 Game Changer.
Even if many see a further correction, an longterm upward trend could already start now. That's why I re-entered at ~10,000 USD yesterday. Always with the certainty of quickly dropping out in case of a possible correction. Currently, the forecast is still vague, but possible.
Possible Targets: Resistance at 14.900 USD Fibo 0.78 at 16.400 USD Fibo 1.23 at 23.800 USD
Let's see what happens. Happy trading. :-)
See also:
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BTCUSD (15min): update and close up: ishs possible.
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BTCUSD (15min): update - little shortterm correction possible. rising wedge. if restistance breaks more up also possible.
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BTCUSD (15min): update - support broke. be careful ...
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BTCUSD (15min): update - strong resistance line touched. could be the start of the second correction wave. just for info... i took profit. watching now what happens to re-enter.
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BTCUSD (30min): update - current situation ...
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BTCUSD (30min): update - current short term situation ... trend could be still more down.
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BTCUSD (4h): update - way down to the next support line open.
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BTCUSD (15min): update - be watchful. rising wedge at 15min chart. low volume.
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BTCUSD (30min): update - we saw 10371. be further watchful. resistance is near. more down still possible.
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BTCUSD (1h): update - situation chart
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BTCUSD (15min): current situation chart
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BTCUSD (15min): update ... still in turbulent water
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BTCUSD (1h): update - possible up to the resistance. lets see.
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BTCUSD (2h): update - shortterm trend channel could still work.
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BTCUSD (2h): update - shortterm trend channel still works.
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BTCUSD (1h): update - situation chart. btc at the support line. if it breaks, more down possible.
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BTCUSD (1h): update - situation looks not bad. btc passed important resistance line. more up possible. trendline in the masterchart above works.
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BTCUSD (12h): 12h view in addition
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BTCUSD (1h): situation chart ...
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BTCUSD (1h): situation chart ... btc touched the support line exactly. if the line is strong enough, we could see a pullback.
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BTCUSD (1h): update chart ... the situation has not yet been cleared, but the main resistance line has still kept up. in principle a slightly positive sign.
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in addition... sorry. a mistyping. not "resistance line", of course supportline. the purple one.
Well, sorry man, but it is going to test 10k again, and possibly could go test 8k after that...maybe to soon to go long...
MovingWater
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@lemosedmirf,
BTCINVESTING
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@lemosedmirf, As I have written, the TA is still vague and we have to be careful. thanks for your comment. but the correction can already be over by now. whether we see another 10,000, doesn't play a role imo.
MovingWater
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Even thought I have been posting so many chart about BTC since Dec 6th 2017, I did advise you about the latest fall. on Jan 27th.
noideaihave
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What relevance is the Chinese new year? Thanks
BTCINVESTING
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@noideaihave, about 15-20 days before the chinese new year the price went down in the last years. chinese sell to get money maybe for holidays, gifts and so on. you can google that.
legi4
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Hi. The breakout was not large or is not critical?
BTCINVESTING
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@legi4, breakout? oh, sorry!!!! of course i mean the main support line. it is the purple one. next support at 9300 (the black one). thx for your question.