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Bitcoin Possible Projections Q1 2018

Bitcoin’s Recent Price Drop

With Bitcoin’s recent price drop it clearly shows that the market price for bitcoin has gone up way to high way too fast. With that said the Market needs to correct. Beginning of 2018 there has been so rough or bad news about Bitcoin.

  1. Warren Buffet clearly stating that Crypto Currencies will crash hard and soon.
  2. South Korea Banning Crypto Currency trading.

First of all – Personally, I’ve heard Warren Buffet stating that he doesn’t know nor understand how blockchain technology works, on CNBC.  I remember one of his quotes were:

I never invest in anything that I don’t understand.  – Warren Buffet

So that is probably why he hasn’t invested into or actually understand it. But to say it will crash hard? What do you mean Crash hard? what is your definition of crash hard Mr. Buffet. Perhaps when he says Crash hard in stocks it could be a decline of 20%. That could be a possibility.

Mr.Buffet lets go to McDonalds and have some Coke … Hehehe (He loves Cola)

Secondly – Korea did NOT ban trading of crypto currencies.In an official announcement South Korea Government Finance minister qouted:

there will be NO TRADING BAN for Crypto Currency market in the short term and NOTHING IS FINALIZED. A petition to fire the head of the Ministry of Justice over the Crypto Currency trading fiasco filed.

Officials claim that it tends to only regulate Crypto Currency exchanges not ban it completely.

 

Projections for Q1 Bitcoin’s Price

With Bitcoins recent highs on the Bitfinex exchange of $19,891 I think it will have no problem recovering to that price level soon.

Bitcoin is currently creating a falling wedge which results in an upward trend. Bitcoin’s Price at the time of writing is around $14,100 which hit the secondary wedge inside the large wedge.

The red Ichimoku cloud is coming to a close, and BTC’s price is looking to break through the cloud which should great an upward trend. The Volume is quite consistent.

MACD levels are also showing a nice upward trend.

Click to Enlarge – Possible recovery back to $19,000

 

Bitcoin is still following the long upward trend from the lower green line.

However Fundamental analysis is need for this projection to take place. Despite the 30% loss of dominance, Bitcoin has been going through some rough patches lately due to the network being overloaded with transactions and full blocks. Bitcoin needs an upgrade very soon. There should be an upgrade soon within 2018, with the lighting network.

Conclusion

I still think bitcoin will have a good bull run this year, with over 50 million wallets out there. More and more people are signing up with Coinbase and other exchange wallet providers to purchase Bitcoin. I’ve heard people talk about Bitcoin hitting $50,000 by end of 2018 so lets see how this will play out. So far in the next couple months we should see bitcoin recover to $19,000 and perhaps breaking through the $20,000 level.

Remember this isn’t investment advice its my personal opinion. Trade at your own risk tolerance. 

Happy Trading….

Update 1/16/18

Bitcoin has broken through support levels which shows a major decline in price. People are still in fear of the market as of right now. Which creates buyers market.

Click to Enlarge – Price breaking through Trend line

This actually creates a consolidation period for Bitcoin between $11,300 to $13,000 levels. It might be one of the few times to buy BTC at this price.  However more decline in price can be seen… ALT coins are in the decline as well, which is creating FEAR in the market.

More updates will come soon. I am still Bullish at this point. Lots of people are #HODL (Holding).

Including Vinny Lingham CEO of CivicKey tweeted about earlier today;

Vinny Lingham – Tweeting about holding.

I too am HODLing BTC for long term….

More updates coming soon…

 

Remember this isn’t investment advice its my personal opinion. Trade at your own risk tolerance. 

 Update 1.18.18

Price of Bitcoin did not follow the lower trend line. It broke through hitting a bottom of $9,230. According to the Fib from its recent high of $14,324 price has retraced about 50% to about $11,600 at the time of this writing. The lower Trend line is now a critical resistance and may take some time for it to hit and even break. As you can see with the RSI levels it remain around the 30% area for couple of days on the hr chart.

Price can easily drop back to $10,500 area at the 24% fib.

Bitcoin may take some time to recover back to hits $15,000 levels. The red cloud may be coming to close. So lets see whats going to happen in the next few days.

Click to Enlarge – Price did not hold on trend line

Some words of encouragement from other crypto enthusiast and experts:

 

I really like this post from Joseph;

 

Happy Trading!

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