Bitcoin forecast
My MID TERM target on Bitcoin is at least 12.5K. This is based on:
1. Technical analysis: large double top formation, and flag formation (yellow channel) I do think price will go even lower, but 12.5K is minimum just based on technical set up of the chart.
2. Macro environment: higher rates and tightening of liquidity by FED - risk assets taking a hit, Bitcoin being one of them.
But, in the SHORT TERM timeframe there still is a possibility of a $29-30K range retest before going lower. Here is why I think that:
1. Price for the 2nd time this year is testing 19k - significant level, as it’s 2017 bull market high. Significant levels act as support/resistance and usually are hard to break thru (takes time).
2. Price formed a channel (blue channel) which look like a smaller version of a yellow flag channel and market participants might be expecting same outcome (downside move), but can be caught of guard with a short term upside move instead.
If there is a breakdown below 19k, it would be sign of extreme weakness, which is possible considering macro environment. But I am not fully convinced of a straight move to
12K range, even though I believe price will reach there eventually.
1. Technical analysis: large double top formation, and flag formation (yellow channel) I do think price will go even lower, but 12.5K is minimum just based on technical set up of the chart.
2. Macro environment: higher rates and tightening of liquidity by FED - risk assets taking a hit, Bitcoin being one of them.
But, in the SHORT TERM timeframe there still is a possibility of a $29-30K range retest before going lower. Here is why I think that:
1. Price for the 2nd time this year is testing 19k - significant level, as it’s 2017 bull market high. Significant levels act as support/resistance and usually are hard to break thru (takes time).
2. Price formed a channel (blue channel) which look like a smaller version of a yellow flag channel and market participants might be expecting same outcome (downside move), but can be caught of guard with a short term upside move instead.
If there is a breakdown below 19k, it would be sign of extreme weakness, which is possible considering macro environment. But I am not fully convinced of a straight move to
12K range, even though I believe price will reach there eventually. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.