One month ago I posted a ultra bullish chart with a price target of 3350 until Q1 2016. Well, the price back then was only 2404 that day I posted the chart and it looked like a very crazy steep rally would have to occur to make this possible. Then the unlikely happened and Bitcoin bulls achieved this long-term target not in months, but in days, going up to my 3350 target just two days later!!!
My idea was that this is unsustainable so and I posted a bearish chart (see related ideas) and I was right. The price fell down to my blue support line at 2035. But then instead of slowly falling even lower to the 1575 area, the Bitcoin price consolidated in November and is now in December back in the long-term uptrend channel I drew one month ago. Therefore I expect a re-test of the 3350 price area in the next days-weeks until Q1 2016.
My original chart:
My original ultra-bull channel from 5 months ago (yes, that's how long I plan into the future or how much time it takes until the market understands what is going on ;-)
My idea was that this is unsustainable so and I posted a bearish chart (see related ideas) and I was right. The price fell down to my blue support line at 2035. But then instead of slowly falling even lower to the 1575 area, the Bitcoin price consolidated in November and is now in December back in the long-term uptrend channel I drew one month ago. Therefore I expect a re-test of the 3350 price area in the next days-weeks until Q1 2016.
My original chart:
My original ultra-bull channel from 5 months ago (yes, that's how long I plan into the future or how much time it takes until the market understands what is going on ;-)
