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Technical on BITCOIN (BTCUSD – Daily chart)
We wish everybody a blessed 2018!
Since the low on the 22nd of December 2017 at $10400 and the high at $16817, price has traded within this wide range bar (Inside bars). Interesting to note that Yesterday and so far today price also traded within the range of the bar on the 30th of December 2017. Volume (Selling) has decreased. If the $13000 level holds and we get a break above $16817 we should see a new high at $20569 around the 4th of January 2018, according to our proprietary projection tool (only a calculated projection!). A break below $10400 will turn the longer term story bearish in our view. It is also possible that price will keep trading in a range between $11400 and $16800 for a prolonged period. Sideways range bound price action is like a spring, waiting to be released in a direction up or down and the breakout will lead to a swift wide range price action. The longer the range bound action continues, the more energy will be released and the more ferocious the breakout will be. Our money is on a breakout to the upside as we clearly see decreased selling volume and with the last Wyckoff down wave volume decreasing and a new wave of buying volume (although very small at this time) is emerging. At the time of this writing price is trading at $13698.
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