More than a week ago I made a bold prediction about the Bitcoin price and suggested that it would probably touch the $400 mark, maybe even $420 before going down again.
Guess I was right! A few days later the price moved up to $420 and gradually started falling until yesterday, the 25th of October, we finally met our first support level around the $350 area.
So… now what?
There is definitely room for the price to move further below all the way up to $280 which seems to be a very strong support level. Then again our current position might very well be just a higher step on the stairway to heaven 😉
Right now I wouldn’t recommend opening a position at all, but if you must, then a long position should be fairly safe at this point. For a quick profit you should go long with a target at the $380 area. Actually I wouldn’t be surprised if we break the $420 mark in late November.