I've been doing some bitcoin buying lately and heres why.
Bitcoin fell drastically since mid-December of 2017 from it's all time high to what is now looking like a bottom in the first week of Feb 2108. It broke through the 200 day moving avg which turned out to be a fake-out for the bears.
After consolidating for a month it is finding support at the 200 day moving avg once again which coincides with the long trend-line from mid-July 2017.
The Bollinger band is no longer in a downtrend and looks to be moving sideways for now. The 20 day moving avg is above the 50 and the 50 is above the 200. If it does continue to consolidate sideways, I expect the first sell target to be in the upper Bollinger band of 12000 area which is roughly a 25% gain from current levels. Expect some resistance and volatility around the moving averages.
However, because crypto is so volatile, if it does break the Bollinger Band, I'm expecting it reaches the 13500 area before any small pullback, possibly back to the 20 day moving avg. That would equate to an approximate 45% gain.
CCI indicator looks like it bottomed along with the RSI.
Best case intermediate target scenario is if it starts a new bull trend and reaches the 16000 level before a pullback but this seems like a wishful target, at least for now. Keep in mind that all price targets are estimates for sake of simplicity, not exact numbers.
Disclaimer: All statements and expressions are opinions, and not meant as investment advice. Information provided in this post is not personal investment advice and should be used as informative or entertainment purposes only. Seek guidance from a professional investment advisor or due your own due diligence before trading or investing.
