BitCoins - Is there a change in trend or just a retracement?
We see the discussion on BitCoins every single day in social media. Some love it and some hate it. Some say there is a war between the BitCoins' lovers and haters.
As a matter of fact, the price reached an all-time high on 17 Dec 2017 at $19,666 but since then, it has retraced for five consecutive days by more than 35%.
Investors like you may be wondering the movement of BitCoins in the following week. From a technical outlook, Bitcoins did close below 20 day simple moving average for the first time since 11 Nov 2017.
Based on our forecast, if the bullish momentum indeed continues, we could potentially see the price reach the recent high of $19,666 as our first target and potentially we could see BitCoins try to reach the price level of $22,000. On the other hand, if this recent price reversal shows a change of the bullish trend, the bearish directional bias suggests that we could potentially see the price retrace to $12,600 as our first target level, and if this level cannot provide the necessary support, the price could potentially be retraced to $10,950.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
As a matter of fact, the price reached an all-time high on 17 Dec 2017 at $19,666 but since then, it has retraced for five consecutive days by more than 35%.
Investors like you may be wondering the movement of BitCoins in the following week. From a technical outlook, Bitcoins did close below 20 day simple moving average for the first time since 11 Nov 2017.
Based on our forecast, if the bullish momentum indeed continues, we could potentially see the price reach the recent high of $19,666 as our first target and potentially we could see BitCoins try to reach the price level of $22,000. On the other hand, if this recent price reversal shows a change of the bullish trend, the bearish directional bias suggests that we could potentially see the price retrace to $12,600 as our first target level, and if this level cannot provide the necessary support, the price could potentially be retraced to $10,950.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
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