Assuming the halt and bounce from the $7000 value area was the low and we have continued consolidation between $7000 and $10000, we can assume a number of price targets going into next week. The forecasting of further lows is necessary, but I will not be indicating any of those in a lot of detail. In a nutshell, any break and hold the $6800 value area is a signal of a panic phase. The panic phase is a phase that we will only know of once the price level has capitulated to an extreme. For now, there is strong support for a bullish bias and that is the basis and bias of this forecast.
February 4th and 5th are extremely important calendar dates in Gann’s analysis. He said that important highs and lows are sometimes found during these dates. With the major confluence of important time zones coming to end, we should see the beginnings of some major reversals and culmination in all long-term trending markets. For Bitcoin, the importance of how it responds is more important than any other cryptocoin. Bitcoin is the representative of the entire cryptocurrency asset class. So it’s performance is more important than anything else. I will be providing three price targets for each coin.
This may be the easiest forecast I’ve done in a while, but the forecasted target area is also the biggest ‘duh’ price level that one could observe: $10,000. Reaching and trading above the $10,000 price level again is extremely important. Not only would that gives us a strong indication of further up movement, but it would bring validity and integrity to the price levels traded below 10k.
High target price: $12,944 (highest probable area to reach)
Mid target price: $10,180 (hardest area to breach and get above)
Low target price: $9,200 (lowest target price area).
Regarding these price levels, attaining a price level of $12,944 is going to be the easiest to travel to from one price to the other. There are very strong natural price levels that should act as resistance, the first of which is the $9,200 value area. This area is right on top of a natural Fibonacci sequence and is a tough nut to crack. $10,180 should be an obvious and difficult area to go above because it represents the strongest resistance zone between 10k and 20k.
Like Bitcoin, there is an obvious target area that we need to reach and breach: $1,000. Ethereum has proved to be one of the more resilient major cryptocurrencies over the past 3 weeks. Its movements have not been as drastic, nor has the threat to further downside been as strong as it’s peers. In fact, oddly, Ethereum and Bitcoin have been moving in a near-perfect equilibrium lately in regards to their price. They have equal price levels by a factor of 10, which is kind of neat.
High target price: $1,294 (highest probable area to reach)
Mid target price: $1,018 (hardest area to breach and get above)
Low target price: $920 (lowest target price area).
There has been no greater laggard amongst the major cryptocurrencies than Litecoin. So it should be no surprise that when we come to the end of a bear move, we can expect to see this coin respond with a vengeance. It’s strong, strong rejection of the $100 area is an extremely bullish signal. It is down nearly 75% from it’s all-time high, and to me, this coin has the silliest value and discount price out of any of the major coins. It’s a steal to be honest.
High target price: $298 (highest probable area to reach)
Mid target price: $200 (hardest area to breach and get above)
Low target price: $176 (lowest target price area).