Daily Forecast - 16 January 2018
Bitcoin
Bitcoin lower as expected from our selling opportunity at 14500/600, to hit support at 13000/12800. A BREAK BELOW 12800 IS ANOTHER NEGATIVE SIGNAL & LOOKS INCREASINGLY IMMINENT - sell in to shorts & look for 12600/500, 12300 & 2 week lows at 12050 before the 3 week low at 11160. Do not be surprised if we break this level on the next test.
Holding support at 13000/12800 allows a recovery to 13400, perhaps as far as 13800/900. Gains are likely to be limited but above here look for a selling opportunity at 14500/600. Stop above 15000 but only above strong resistance at 15400/500 is less negative. Bull require a break above above 16400/500 for the bull trend to resume. It would be encouraging above the recovery high of 17300 of course & allows a further recovery towards the all time high at 19550/666. HOWEVER WE STILL HAVE DOUBLE TOP RISK HERE. LONGS COULD PANIC OUT ON THE WAY TO THIS RESISTANCE, SEEING THIS AS THEIR LAST CHANCE BEFORE A COLLAPSE. Bulls need a clean break above 20,000.
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