AlanSantana

Do You Think All Hell Is Breaking Loose? Bitcoin Weekly Targets

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This chart is very telling.

Bitcoin weekly has been trading above EMA10 since July.
Only one week it closed below EMA10 in September and then quickly moved back up.

Right now, we have a very bad/strong bearish candle and prices are moving below this level, as I just mentioned, for the first time in many months.

Don't you see that all hell is breaking loose?

As chart pattern, we have a rising wedge that is breaking bearish .

From the All-Time High, we already have a drop of ~$12,400 or 18%, unfortunately for some unprepared ones, this is only starting.

The last correction went for -25%.

Now, we don't mind this but some people really suffer seeing prices drop... Why?

Lack of knowledge or experience.

Let it drop all it want just as we let it go up.

Bitcoin is super strong and just hit a new All-Time High.
We need a correction, to remove the weak hands before additional growth can take place.

Anyways, back to the analysis.

We are looking at $50,800 as the first support and it holding would mean that everything went great but this is unlikely.

We can see the 0.786 Fib. retracement level for the last bullish wave being activated or even lower at EMA50.

This is a price range between $43,500 and $45,925.

What will it be?
Let it correct while the smaller altcoins get some time to breath.

Even if your capital goes lower as a whole.
Your BTC will increase if you trade Altcoins and after the correction is over you experience massive growth.

It is a long-term game... At least for us.

Let Bitcoin do its thing.
We will see end of year what's the close.

If it gets really, really bad, we get a long drawn out correction for many months but we still end in a higher low.

The market moves in cycles...
Up and down, up and down...
Up and down.

We are going DOWN now!
After the down wave we go up.

Namaste.

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