I am honored to present you with the very first report of 2018! The Bitcoin BEAR news is certainly out on the media, but I am pretty confident in the Bitcoin market and I think we are still busy witnessing a long awaited correction in the market.
Being a purely technical trader I will ignore most of the news as usual. Here are my views on the current situation.
The day candles is showing us a very nice H&S pattern, which is a very bearish signal, confirmed by the negative PPO.
I think there is still a very good chance for a push up to the 15k level, where we could see the market turning bullish should the bulls get momentum on their side.
When we are looking at the cycles we can see that there is a good probability that BTCUSD will trade in a very nice triangle before showing us the next move.
Support levels for me are still the same – 12k – 13k.
I expect some movement should prices consolidate above 14k with possible breakouts at 14400 and 15600.