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RE: Bitcon (BTC) Morning Update: Mid-Term Target $70,000

in #bitcoin7 years ago (edited)

Looks like the dropping might be stopped indeed. The wave II of the expected last wave is already higher than IV of the prior so this looks like a bull run. Plus there is the inverted head and shoulder as pointed out by @dziadkowcem below; with the volume confirmed on the head.

Maybe there will be another separate downturn soon that will bring this down to 10k as @haejin predicts here. Or maybe some news will lead to it (as @Haejin said news should follow the TA.) On the fundamentals, what triggered this downturn was severe withdrawals for the holidays as happens on major holidays and the heaviness of the valuation sending weak hands along with it. The New Year holiday usually extends straight from the Christmas one and I doubt that fundamental will cascade the price down afresh like it did yesterday. So there isn't looking like another fundamental event on the horizon to send this back down again, looking right now. Follow @kenraphael for some fundamental analysis to sometimes pair with the really excellent work here.

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