Dear Traders, Investors, Speculators,
This is to share a new bitcoin chart and bitcoin prices technical analysis.
After the predicted huge rally, it was clear that this needs to be corrected in some point. And it happened in the middle of the week with a -80% drop from 266 $ to 54 $. This sounds huge and it is a huge sell off. At the same time, BTCUSD is still up many thousands of percent from the start of trading, the “bitcoin IPO”, in summer 2010.
We have warned here about a imminent possibility for a sharp correction only hours before it happened.
After the heavy decline, bitcoin prices rallied +239% from 54 $ to last night’s high of 129 $.
The question is now, what is next? There is one key level to watch short term: Bitcoin prices should not trade below 54 $ any more.
If this level can be defended, there are chances that bitcoin prices can retrace more of the sell-off to higher targets: 136 (38.2% Fibonacci retracement), 161 (50%) and 186 (61.8%).
And even new highs above 266 $ are possible.
Specific trading ideas and short term forecasts are available in the subscriber section. For first time subscribers, there is a 0.29 BTC / month trial offer until April 16. Try it now.
Your S3052
Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins. Never invest unless you can afford to lose your entire investment.