650
Megabull Rally Starts After January 15 Target $650-680After touching the 1D top of the Bollinger Band @ $463 following the crash of several currencies and stock markets worldwide, Bitcoin entered sideways/consolidation between $463 - 440. I expect Bitcoin to retest the support at 442-436. So if you missed the initial break out, make sure you buy in this area. Your stop loss will be at $422 in case Bitcoin fails for any reason.
We will stay in this $463-440 chopzone until January 15-16th after which Bitcoin will break out and start the megabull rally. So make sure you jump on board as long as the blue neckline holds before we take off. I have studied previous megabull breakouts and use a combination of time node and fractal to find trading scenarios.
Initially, Bitcoin will revisit $500 and pullback to retest $475-463 as support and launch back up few days later to $650-680 and much higher.
Failure of this megabull cycle will be seen by a break of $400 and a failure of a break up above $475 by January 25th. If this happens consider flipping to fiat until further notice.
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Bullish Related Bitcoin News:
NASDAQ: "This Time Bitcoin's Price Increase is Both Logical and Sustainable" crd.ht
China announces it is suspending the circuit breaker that halted the market 2x this week crd.ht
China Trading Halts again after 7.3% plunge PBOC been devaluing the yuan vs usd. Chinese rush towards, Bitcoin, Gold, silver crd.ht
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Bitcoin Bear and Bull Fractals at Crossroads AgainBears:
Bitcoin is showing weakness with a double top at $475-500 and H&S formation as well. A move below $400 on Bitfinex will confirm the bears taking over and a potential revisit of $340-350 and even $315.
Bulls:
If we manage to hold above $400 then we will stay in 2 weeks of sideways and consolidation and break out after January 15th towards new highs of $650-680
Note: Any bad news e.g. BitcoinXT Fork etc. can wick down Bitcoin to $275 then shoot it back up.
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