Bitcoin Bearish Short and Medium Term; Long-Term Bullish
Current View: Short-Term: Bearish, Mid-Term: Bearish, Long-Term: Bullish
Bearish MACD Crossover signaling a possible move down to $8000. Possible double bottom at $6,000, but if we break below, we can possibly see $4000. If we break above, there may be a chance at a breakout to around $16,000, but I believe that would ultimately be a bull trap.
As we are in a bear market, I give the benefit of the doubt to the bears and remain bearish, though I am personally waiting for more confirmation in the upcoming days. If we can break above $12,000 and form a strong support level, I believe that would be an opportunity to establish a long position; I would be looking to sell at the $16,000 level as I expect strong resistance. If we break below the previous bottom of $6000, I believe we can see a move down to $4000.
Although I am bearish in the short and medium terms, I am bullish in the long-term. I expect this bear market to last longer than the 2014 bear market and end around mid-2019 to 2020. The next bull market should be longer and stronger than the previous bull market; I can see Bitcoin at a trillion dollar market cap with a valuation of over $100,000 to possibly over $300,000 per Bitcoin.
Good luck trading,
Eddy Yang
Bearish MACD Crossover signaling a possible move down to $8000. Possible double bottom at $6,000, but if we break below, we can possibly see $4000. If we break above, there may be a chance at a breakout to around $16,000, but I believe that would ultimately be a bull trap.
As we are in a bear market, I give the benefit of the doubt to the bears and remain bearish, though I am personally waiting for more confirmation in the upcoming days. If we can break above $12,000 and form a strong support level, I believe that would be an opportunity to establish a long position; I would be looking to sell at the $16,000 level as I expect strong resistance. If we break below the previous bottom of $6000, I believe we can see a move down to $4000.
Although I am bearish in the short and medium terms, I am bullish in the long-term. I expect this bear market to last longer than the 2014 bear market and end around mid-2019 to 2020. The next bull market should be longer and stronger than the previous bull market; I can see Bitcoin at a trillion dollar market cap with a valuation of over $100,000 to possibly over $300,000 per Bitcoin.
Good luck trading,
Eddy Yang
Note
Watch my Bitcoin Price Forecast for 2018 here: m.youtube.com/watch?v=fqMH89ywb9QNote
As predicted, Bitcoin continues its bearish trend in the short and medium terms, albeit a longer time frame than I predicted. Possible entry at RSI < 30 around 4k - 2k. Long-term bullish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.