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Bitcoin - Below $12,940 would represent a trend reversal

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I am not panicking about Bitcoin at all. I think most fully expected a very large correction and that is exactly what we are seeing. I think anything below $12,940 would be the strongest indication of a trend reversal and if Bitcoin was to go below that level then it may trigger a **** of a lot of stops and panic selling.

 

I think 2018 is going to be an interesting time for Bitcoin. I say this because 'herd mentality' has not even kicked in yet for me. If after this big correction Bitcoin commencing the next leg up there will be a **** of a lot of people who have not participated in the Bitcoin ride and may well enter if they feel that $48,000 - $50,000 is a possibility. If they all enter and Bitcoin ETF's are approved in 2018 then I think we could easily see the price double next year or at the very least have a go. 

 

Asia are big traders of Bitcoin. I wonder if they see this as a great buying opportunity to set themselves up for 2018? If they continue the selling then it could be a bigger drop than I thought. How Asia reacts will help to determine how Bitcoin is going to perform short term. 

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@TrendFollower Your thoughts are interesting. I've decided not to speculate on this as it's not really what I think I'm good at though I know where your figure of $12,940 is coming from.

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Market hit retracement level. So I guess we now look for three bar start of higher highs and higher lows. Then one bar which breaks the low again and has a lower high and we've got a fractal start skywards (or not)? On which day will the next weekly bar start? This stuff isn't really my area of expertise, although I did once have the late Professor Mandelbrot take a peek at my work !!!!

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Looking at Bitcoin then if the BID can cross around the $16151 level then that will be confirmation to me for a possible trend reversal back to the upside. 

 

For me that is a key area now for Bitcoin. Long term Bitcoin is still in an upwards trend. Even mid term but short term if it cannot stay above 16151 level then it may in a short term downwards trends.

 

For day traders the short term trend is important. For investors the mid term trend is important. For long term investors, volatility does not matter and it is the long term trend that matters. 

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At the time of writing this the BID for Bitcoin is around $12770. This was for me confirms a trend reversal short term in play though the long term upward trend is still in tact.

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    • Hi all, been up and running and watching from the side lines. Thanks for putting the list up early as I made my own list from the gap scanner from ideas but you seemed to have more plus alot of the tickers I could not trade on IG but jumped on TG Therapeutics at 973 and took some money from that. Then jumped back in at 1059 and she plummeted and my heart just sank. I managed to ride it back up to 1053 and got out with a small profit of £20. Should have put my stop in but am still learning to get out quick . I was so lucky it went back up. Thought I was going to be on a bad loss because I didn't get out early enough. I find that if you only gain a small amount each day its better that going hard at it and loosing.  Still got loads to learn. Anyway cant wait till monday.  Great content and look forward to next week. Have a great weekend.
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