Bitcoin price analysis forecast
Bitcoin didn’t manage to cross 8600$ after last recover and trade again near 6000 $ – lows level in last June bitcoin traded below 6000 $ – it was expected – look on Bitcoin price 2018 vs Chinese stock bubble 2008 part 2
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| Bitcoin price |
Told you a long time ago my exception for the bitcoin
shortly: ““Chinese stock bubble of 2007 wiped out hundreds of billions of market value
Chinese shares have tumbled more than 8% in one day in November 2007 -Major indexes had their largest one-day drop ever
Shanghai Composite Index lost 8.5%, to 3,725.56 points.
Stocks fell across the board, with 2,247 companies falling, leaving only 77 gainers.
More than 1,500 shares listed in Shanghai and Shenzhen dived by their 10 percentage point daily limit, led by index heavyweights
Sudden fall wiped almost a third off the value of shares during the course of a few weeks.
The fall was caused by rumors that the Chinese governmental economic authorities were to introduce varying policies that would restrict foreign investment – from capital gains tax to raising interest rates to a clampdown on speculative trading with borrowed money”
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| Bitcoin analysis |
Technical analysis:
pay attention to 8600$ price level! – closed below this level will send bitcoin to cope with 5100$ price area, or even to lower price to the 4400 $ price While stay above those levels could send bitcoin up again over the last recording-term trend forecast moved is still down as long as 8600$ will not break up again!
Break below 6100$ on weekly basis will send bitcoin to 4800 $ while a break up again above 8200-8600 those levels will lead bitcoin to go higher again
Break down on weekly basis 4400+_ $ price area will send bitcoin to 3200$ while staying above could send it back to see new high
As long as bitcoin price below 8600 the trend is bearish
Break below last lows (6000$+_) would send bitcoin to 4800+_
While if we are a witness on the same move as happening in Chinese stock last post I mention that in the market we have 2 option :
The first one similar to 2013, second 2014
If the case is similar to 213 then we should expect that bitcoin would not cross up 8600+_ price level this time, while in the other hand if its similar to 2014 then we should expect to see bitcoin going above 8600 and start a big move up to 14-15 k for my opinion
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| Bitcoin chart |
This review does not including any document and/or file attached to it as an advice or recommendation to buy/sell securities and/or other advice