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Bitcoin Analysis: Another Crash Likely

December 28, 2017 11:55
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Bitcoin crashed after touching $20,000 last week and is still in its correcting phase. Bitcoin was quick to rebound on touching $12,000 after which we saw a bullish sign yesterday. But it failed to cross $16,000 yesterday indicating the correction is not yet done.

A Bearish run was seen after $16,000 with support at $14,000. Unfortunately, there are not many buyers at this level and without any space for further movement, we should see Bitcoin go down.

The next support levels are at $9,000, $8,000, $5,000 and $3,000. We should not see the Bear run go as low as the last two support levels. But now that the $14,000 support has been broken, expect Bitcoin to to to the support region below $10,000.

It is a good idea to Short Bitcoin just below $14,000 and buy back at $10,000. But at times, Crypto market Is unpredictable and we may see a sudden surge in volume. In that case, set buy orders back above $16,000.

This Short recommendation is only for short-term holders. Bitcoin is still Bullish in the long term and we should see higher highs in 2018 for long-term holders. Also, when the Bitcoin Market crashes, Alts crash. So it is a good idea to cash out on short-term trades on Alts and buy them back once the market settles.

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