In my first post on Bitcoin on 20th December 2017, I wrote, “Bitcoin is going to get interesting in coming days and it may not be pretty for many investors.” Bitcoin was trading at 17250 USD and I was expecting a very sharp correction in Bitcoin.
In my follow up a post on 5th February 2018 , I wrote, “Since then the price of Bitcoin crashed by more than 50% and is currently trading at 7360, Minor support for bitcoin exist at 6800 levels but I feel that it will just give some small respite to the speculator. Bitcoins should fall below 4000 in coming days.” Since February till last week Bitcoin consolidated at 6000- 8000 levels as expected and it broke below the support recently.
As you can see in the following chart. Bitcoin has broken below the support. It is currently trading at 4600 USD and very near to my expected target of 4000. I suspect that once it breaks 4000 it's going to be a very ugly site. The long-term chart of bitcoin suggests correction could go below 2000 but that will happen only once it trades below 4000 levels.
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