Bitcoin Correction Down to $7K level, and then up to $20K+
Updated
Bitcoin has had an incredible run this year from 3K range up to 
13K range. However, Bitcoin is overdue for a correction. As you can see in the chart, Bitcoin has historically respected simple moving averages. For example, when Bitcoin bottomed in 2015, it respected and held the 200 day SMA levels (blue line - green oval). When Bitcoin bottomed in late-2018, it also respected and held the 200 day SMA levels (blue line - green oval). When Bitcoin broke out of the 2015 bottom and surged higher, it corrected down to and held the 100 day SMA levels (gold line - blue oval). I predict that Bitcoin will correct down to and hold the 100 day SMA levels (gold line - blue oval) again. That would place Bitcoin at 7K range.
I believe that Bitcoin is a buy around 7K, although I would set a buy zone at 6K to 8K. I don't think Bitcoin will fall any lower, but if it does, it should hold the 200 day SMA levels. However, I believe that Bitcoin will hold the 100 day SMA levels at around 7K. After we correct to this level, I believe Bitcoin will rise to retest the previous all-time-high of just under 20K. Bitcoin will then probably experience another correction, but will then rise up to 100K and beyond in the following years.
Good luck trading,
Eddy Yang
13K range. However, Bitcoin is overdue for a correction. As you can see in the chart, Bitcoin has historically respected simple moving averages. For example, when Bitcoin bottomed in 2015, it respected and held the 200 day SMA levels (blue line - green oval). When Bitcoin bottomed in late-2018, it also respected and held the 200 day SMA levels (blue line - green oval). When Bitcoin broke out of the 2015 bottom and surged higher, it corrected down to and held the 100 day SMA levels (gold line - blue oval). I predict that Bitcoin will correct down to and hold the 100 day SMA levels (gold line - blue oval) again. That would place Bitcoin at 7K range.I believe that Bitcoin is a buy around 7K, although I would set a buy zone at 6K to 8K. I don't think Bitcoin will fall any lower, but if it does, it should hold the 200 day SMA levels. However, I believe that Bitcoin will hold the 100 day SMA levels at around 7K. After we correct to this level, I believe Bitcoin will rise to retest the previous all-time-high of just under 20K. Bitcoin will then probably experience another correction, but will then rise up to 100K and beyond in the following years.
Good luck trading,
Eddy Yang
Comment
As predicted, Bitcoin has finally reached the 7k level and touched the 100 day SMA on the weekly chart. This took a little longer than expected, but nonetheless, the target was reached. It is crucial that we hold this level, or we may risk dropping further.Disclaimer
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