{"id":15125,"date":"2019-10-22T07:30:15","date_gmt":"2019-10-22T11:30:15","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=15125"},"modified":"2019-10-22T07:30:15","modified_gmt":"2019-10-22T11:30:15","slug":"heres-whats-next-for-bitcoin","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/heres-whats-next-for-bitcoin\/","title":{"rendered":"Here\u2019s What\u2019s Next for Bitcoin\u2026"},"content":{"rendered":"

About two weeks ago, we took a look at bitcoin’s recent drop… and what would come next<\/a>.<\/p>\n

The King of Cryptocurrencies had fallen fast – from over $10,000 to over $8,000 in just a few weeks. And, a bounce appeared to be in the cards…<\/p>\n

But, given the setup, we figured any sort of bounce would be short-lived.<\/p>\n

I got a bit of flack for that prediction. Most folks saw it as a buying opportunity… and were rushing to buy bitcoin for “just” $8,000.<\/p>\n

But, as is typical when the rest of the world leans bullish, I saw something different.<\/p>\n

Bitcoin just wasn’t in a place to bounce the way most people were hoping. A lot of technical damage had been done.<\/p>\n

And, while I conceded that an oversold bounce was likely the next move, it looked to me like it wouldn’t last.<\/p>\n

That’s just about exactly how it turned out.<\/p>\n

Here’s the chart I sent you two weeks back, showing my projection for the price of bitcoin…<\/p>\n

\"\"<\/p>\n

And here’s what bitcoin looks like today…<\/p>\n

\"\"<\/p>\n

As you can see, the bounce we got was about half as strong as I thought it would be… and I was leaning bearish to begin with.<\/p>\n

The bounce in the MACD<\/a> and RSI<\/a> indicators was also much weaker than I predicted. The momentum in bitcoin is running dry… And the picture now looks even more dire.<\/p>\n

Unless bitcoin catches a big bid and forms a higher low on this chart, the next move is likely down to bitcoin’s major support<\/a> line at about $7,000.<\/p>\n

If that fails to hold, the next major support at around $5,000 comes into play.<\/p>\n

I’ll keep watching the King of Cryptos, and I’ll let you know when I think it’s time to trade it on the long side. I am looking for a chance to buy into it. It just seems to me that chance is still several days away… or maybe even a few weeks.<\/p>\n

Best regards and good trading,<\/p>\n

<\/p>\n

Jeff Clark<\/p>\n

P.S.<\/strong> For those holding on to bitcoin for the long haul, this volatility must be frustrating.<\/p>\n

But for traders… it’s actually one of the best places to put money to work.<\/p>\n

Bitcoin has massive, volatile moves regularly. And, if you use the right system<\/a>, you can predict them well ahead of time.<\/p>\n

You’ve heard a lot about my new stock trading system over the past couple weeks. It works great on a specific group of stocks, which I’ll reveal tomorrow night.<\/p>\n

But, I’m starting to notice that it works pretty well on bitcoin, too.  <\/p>\n

When I used it earlier this year, it predicted the wild upside move from about $3,300 in early February to over $12,000 in June. If you got in when my system flagged the trade, you could’ve quadrupled your money…<\/p>\n

Like I said, I’ll reveal more about my system tomorrow night at 8 p.m. ET. But in the meantime, if you haven’t signed up yet and received your free training materials<\/a>, don’t wait. They won’t stay online much longer.<\/p>\n

Reader Mailbag<\/strong><\/h2>\n

Which side of the bitcoin trade are you on? Are you waiting for it to fall further, or buying in now?<\/p>\n

Send in your trading stories, questions, and comments to feedback@jeffclarktrader.com<\/a>, and we’ll feature them in a future issue.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bitcoin bounce played just as we predicted… But what’s next?<\/p>\n","protected":false},"author":34,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-15125","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/15125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=15125"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/15125\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=15125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=15125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=15125"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=15125"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=15125"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=15125"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=15125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}