Bitcoin: Things Are Getting Interesting

Published 12/20/2017, 04:44 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Weekly Chart

Bitcoin broke the best support for the day at 17000/16950 to hit the next target of 16200/150 before a bounce as I write from 15800 in a near $4000 correction. It's getting interesting. Very important support at 15750/650 is key to direction. A break below 15400 signals a potentially unhappy Christmas for Bitcoin investors as we target 15000, 14870, 14750/650 and probably as far as 1440/300. Further losses are certainly possible to 14200 and 13900 but I would not even be surprised to see a collapse as far as mega, Mega, MEGA important support at 13400/200.

Holding very important support at 15750/650 means we have only experienced a healthy bull market correction and allows a recovery to 16700/750 and 17200/300. Above look for 17700/800, 18150/250 and 18500/600 before the all time high of 19666. A break above 20000 targets 20230/260 then 20550/600. On further gains look for 20770/800.

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