Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Bye Bye Bitcoin: Major Support Broken

Published 01/12/2018, 12:10 AM
Updated 07/09/2023, 06:31 AM

Weeks ago I alerted crypto investors that Bitcoin was safe unless it broke a trend line of support as seen in the chart below. I predicted it would break that support. On Thursday, it broke. A downward spiral will now occur, taking Bitcoin to $8,000. Once there, expect a huge bounce back above $10,000, maybe even $12,000.

Other crypto-currencies will see major declines as well as the small investor freaks and runs for cover. Anyone who did not think this was going to happen is literally an idiot. The CME and CBOE launched futures just a month ago so the big institutions could short the hell out of these things. Once the big boys get on one side, it is going that way. That side was the short side. BOOM!

BTC/USD Daily Chart

Latest comments

Nice call in retro.
all predictions will fail. as luck sometimes someones predictions may be true.
Whats up Gareth?
please thats your last chart sir.
Lol btc 14,500
Lol
You are then the only person who can predict bitcoin on this planet. A throratical curve analysis typically works in a centralized stock market but does it also work in crypto market. I doubt that but I agree that btc can collapse for 6m or even 1 year. it is a trust market and can be manipulated.
He is right, it will jump back to its previous two month standing, 10 to 12.
Two weeks standing*
Y ?
Down to 8k
gareth, i don't have the nerve to move on it. your call going forward re the 8 to 10 or 12 is, as the pres says, huge. if someone out here takes the call and wins, they owe you more than a case of bud light. there's many ways to play this as you suggest without suggesting. anyway...it was fun to read. everyone should be watching to see how it plays. right or wrong, gareth, it's a gso blackstone kinda play. i like it.
Ok so Shall we sell Remaining assets now it self?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.