BitcoinPrice Analysis

Bitcoin Market Still Bullish as Price Touches $6000

By October 26, 2017 No Comments
We made a good call yesterday as bitcoin's price was rising from a deep correction past the 61.8% Fibonacci retracement. Support at the the 50% retracement level provided the perfect entry point for the run up to $6000 this morning.

Raging Bull - We made a good call yesterday as bitcoin's price was rising from a deep correction below the 61.8% retracement at $5375. Support at the the 50% retracement level provided the perfect entry point for the run up to $6000 this morning.

Disclaimer:  The information in this blog represents the opinions of its author and is for educational purposes only.  It is not intended as investment advice.  The bitcoin market is extremely risky so you should only invest money you are willing to lose.

Raging Bull

Just as we predicted, the bitcoin market recovered pretty quickly from its case of the post-fork jitters.  After a deep correction that brought the price well below our safety zone of 61.8% retracement (blue zone in chart below), we recommended waiting for a safer entry point to get back into the market to continue riding the bullish trend.

Here is yesterday's chart showing the drop in price after the gold fork and our trading recommendation to wait for a safe entry point:

After the bitcoin gold fork, bitcoin price dropped all the way below the 61.8% retracement.  This is a risky entry point because of the downside risk with no support levels in sight, so a better strategy is to wait for a higher low and a higher high above the solit support level of the 50% retracement at 5645 before taking a long position. chart:coinigy.com

After the bitcoin gold fork, bitcoin price dropped all the way below the 61.8% retracement. This is a risky entry point because of the downside potential with no support levels in sight, so a better swing trading strategy is to wait for a higher low and a higher high above the solid support level of the 50% retracement (pink zone in chart) at $5645 before initiating a long position. chart:coinigy.com

Swing Profit

This was a pretty big swing profit for those who trusted the math and stuck to the analytics.  Here's this morning's chart showing the outcome of yerterday's entry:

Staying calm and trusting the math was a very profitable strategy as it gave us a safe entry point after the new high was established above the 50% retracement level.  This morning's trading brought bitcoin back to briefly touch $6000.  chart: coinigy.com

Staying calm and trusting the math turned out to be a very profitable strategy as it gave us a safe entry point after the new high was established above the 50% retracement level (in pink zone). This morning's trading brought bitcoin back to briefly touch $6000. chart: coinigy.com

Where is Bitcoin price Headed?

How high could it go?  Nobody can predict that.  But this market does tend to move in mathematically predictable Fibonacci waves, so if bitcoin reaches a new high above the previous peak price of $6190 set on Oct 21st, the next major Fibonacci target is $7500.

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