Saturday, January 13, 2018 7:27 PM EDT
On Friday, January 12, Bitcoin (XBT/USD) found support at $12,854.57 from its cumulative average (blue) of closing prices. The cumulative average starts with the secondary low (L2) of $5,664.87 on November 13, 2017 (all prices from Optuma, as shown):
(Note the preceding lower low on December 22 of $11,179.30 is also identified by the squaring of the all-time high (H) with the average.)
The low L1 of $2,979 on September 15, 2017 is used for the start of the lower cumulative average (black).
Since the current market is perfectly aligning with the average:
- Bitcoin is expected to return to its overall uptrend and reach new highs.
- If instead Bitcoin breaks down below the blue line, currently at $12,900, then it is expected to reach the lower cumulative average (black), currently at $9,260.
Disclosure: Pattern to Profit, LLC, any affiliates or employees or third party data provider, shall not have any liability for any loss sustained by anyone who has relied on the information ...
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Disclosure: Pattern to Profit, LLC, any affiliates or employees or third party data provider, shall not have any liability for any loss sustained by anyone who has relied on the information contained herein. Material is provided for informational purposes only and does not constitute a recommendation. It has been obtained from sources believed to be reliable, but accuracy is not guaranteed. The views expressed herein are presented as of the date hereof and are subject to change based on subsequent developments. The securities mentioned in this report may not be suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by news, fundamental company announcements, interest rates, exchange rates, or many other outside factors. Principals of Pattern to Profit, LLC may or may not hold, or be short, securities discussed herein, or of any other securities at any time. Past performance is not necessarily a guide to future performance.
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