Price Corrected ~50% from the all time high at December 17th, 2017
This is the largest correction I have personally seen since I started mining in February 2017.
Historically in the last 3 years we have closed red in January;
(2017, -0.2%) (2016, -14.5%) (2015, -32.4%).
We are currently down ~18% for January, 2018.
The uptrend from September 17th, 2017 was broken hitting a low of $9,222 or -20% in one day. Through buying or covering of shorts, the sell-off was almost entirely reversed. A $2,200 swing.
We are currently trying to break back over this trendline but so far being rejected.
Drawing a parallel channel from the all time high it looks like the early signs of a bull flag on the daily timeframe although it is too early to tell.
My target for this sell off remains at $7,900 with the $10,000 round number acting as intermediate support. I am reluctant to take a bullish stance until we see how price reacts at $12,950 resistance.
Thinking of market psychology it is not normal for mass media to predict the top of a bull market. Therefore I do not believe this bull trend is over. I could be wrong in this assumption but I am interested in watching how this plays out.
This is the largest correction I have personally seen since I started mining in February 2017.
Historically in the last 3 years we have closed red in January;
(2017, -0.2%) (2016, -14.5%) (2015, -32.4%).
We are currently down ~18% for January, 2018.
The uptrend from September 17th, 2017 was broken hitting a low of $9,222 or -20% in one day. Through buying or covering of shorts, the sell-off was almost entirely reversed. A $2,200 swing.
We are currently trying to break back over this trendline but so far being rejected.
Drawing a parallel channel from the all time high it looks like the early signs of a bull flag on the daily timeframe although it is too early to tell.
My target for this sell off remains at $7,900 with the $10,000 round number acting as intermediate support. I am reluctant to take a bullish stance until we see how price reacts at $12,950 resistance.
Thinking of market psychology it is not normal for mass media to predict the top of a bull market. Therefore I do not believe this bull trend is over. I could be wrong in this assumption but I am interested in watching how this plays out.
Nota
Price rejected at $12,950 resistance.Dagangan ditutup: sasaran tercapai
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.