There is a strong support level at $10,000 at the green horizontal line, partly because of the strong uptrend at this level but also a psychological support level. I expect that at this price, many whales will rush to buy. That being said, I find it unlikely that it will go below $10,500.
There is a bullish flag pattern (in purple) signifying a trend continuation of the previous uptrend, we can expect the height of the previous climb being the maximum amount this breakout will raise the price of BTC.
The pattern is approaching the support level and once it reaches this, we should see a lot of bullish activity and volume. This movement will move in the direction of the green arrow. I suggest to buy within the price range of $10,000 - $12,500 however I believe you'll also gain a nice profit if you buy at a slightly higher price too.
Targets are right below visible resistance that the graph has shown and are as followed with percentage profits calculated using buy range stated above:
Target 1 : $16,768.69
Profit : 34% - 68%
Target 2 : $19,217.66
Profit : 54% - 92%
Target 3 : $21,862.55
Profit : 75% - 118%
Now I believe that once the $20,000 price is breached, there could also be a very strong psychological support driving the price even higher! For this reason, I would recommend keeping some of your investment after Target 3 has been reached.
If you have any questions or comments, please comment or send me a message, I try to reply to them all :)
Please keep in mind that I am not a financial adviser, please trade at your own risk.
There is a bullish flag pattern (in purple) signifying a trend continuation of the previous uptrend, we can expect the height of the previous climb being the maximum amount this breakout will raise the price of BTC.
The pattern is approaching the support level and once it reaches this, we should see a lot of bullish activity and volume. This movement will move in the direction of the green arrow. I suggest to buy within the price range of $10,000 - $12,500 however I believe you'll also gain a nice profit if you buy at a slightly higher price too.
Targets are right below visible resistance that the graph has shown and are as followed with percentage profits calculated using buy range stated above:
Target 1 : $16,768.69
Profit : 34% - 68%
Target 2 : $19,217.66
Profit : 54% - 92%
Target 3 : $21,862.55
Profit : 75% - 118%
Now I believe that once the $20,000 price is breached, there could also be a very strong psychological support driving the price even higher! For this reason, I would recommend keeping some of your investment after Target 3 has been reached.
If you have any questions or comments, please comment or send me a message, I try to reply to them all :)
Please keep in mind that I am not a financial adviser, please trade at your own risk.
My idea is that the Chinese took out money from their portfolios ( and BTC ) in preparation for Chinese New Year and this caused the price to fall that low.
The quick bounce back shows strong support around the 9,300 to 10,000 area and I feel like this could be the worst of it and the arrow will actually start now ( 5 days earlier ) so it only makes sense that we can predict target 3 being hit by the 11th of February!