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Bitcoin Forecast January 4, 2018

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Bitcoin initially rally during the trading session on Wednesday, but ran into a significant amount of resistance at the $15,000 region. As you can see, we are testing the middle of the Bollinger Bands indicator, the 20 SMA. I think that we pull back from there, showing a sign of extreme weakness in forming the shooting star. The shooting star suggesting that we are probably going to go down below the bottom of the consolidation area, perhaps reaching towards the $13,000 level underneath. I believe that a breakdown below the bottom of the shooting star is the signal, as it is a negative sign in a market that has been rolling over. However, if we can break above the $16,000 level, then I think the market could continue to go higher, perhaps reaching towards the $20,000 region over the longer term. Short-term though, the initial target would be the $18,000 level. for more analysis: http://www.dailyforex.com
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Text Comments (1)
Gregory Bainathsah (1 year ago)
Love these Bitcoin forecasts

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