Daily Crypto Analysis 1/16/2018 - (BTC)

The target retracement of $10.3k was reached - exactly 61.8% retracement from the previous bull run. I'm expecting to see a bounce up to possibly $12.8k resistance but followed by further correction. There are still some trading opportunities for BTC by taking advantage of the bounce, but it's also just as good to stay in cash until you can confirm and uptrend. You can see that when the RSI is in both overbought and oversold conditions, prices move the opposite direction. Can you guess where prices will go this time? Remember - it's better to buy once you can confirm an uptrend rather than guessing the "bottom". You actually lose more money by guessing incorrectly - be patient!

As you always should do with technical analysis, you should always readjust your chart if the price does not follow your projected path. More updates to come.

https://www.tradingview.com/x/tlmpuaxi/