Review
In our February 17, 2018 review when Bitcoin was trading at $11,092.15 and we said the following:
“…before a new high (substantially above the $19,343) is achieved, we expected a retest of the $6,914.26 level (or something close, like, $7,000-$7,200).”
On April 6, 2018, Bitcoin declined as low as $6,620.41.
On April 2, 2018, when Bitcoin was trading at $7,049, we said the following:
“The $9,148.23 level is the point where we believe the price of Bitcoin could rise to before a retest of the $11,479.73 level, if remotely possible. Based on the recent volume characteristics, we think that the $9,148.23 is in the works.”
On April 24, 2018, Bitcoin rose achieved $9,652.16.
On April 27, 2018, when Bitcoin was trading at $$9,278.22, we said the following:
“At this stage in the game, Bitcoin is in a no-man’s land. While there are always three directions that the price could go (up, down, or sideways for a long time) this juncture is strictly to be played for the extreme of going back to the $11,479.73 or $6,914.26 level. There will not be sideways action from here.”
By June 10, 2018, Bitcoin has fallen to $6,783.88.
June 2018 Update
The current level in Bitcoin is academic, in terms of where it is going. Decline below $6,620.41 and $3,713 is the projected downside target.
Bouncing at the current level should result in a retest of the $9,148.23 level.