Is Bitcoin Gearing Up for a Year-End Rally?

[Jeff Clark's Market Minute]( Is Bitcoin Gearing Up for a Year-End Rally? The holiday season was spectacular for bitcoin last year. The oldest and largest cryptocurrency was trading for about $6,000 per coin on Halloween 2017. By the time we got to Christmas, bitcoin was above $19,000 per coin. Of course, we all know what happened next. Recommended Link [FREE EVENT: How to become a Tech Millionaire]( Silicon Valley executive and angel investor Jeff Brown’s tech ideas have given folks the chance to make as much as 100% in 11 days... 130% in 30 days... and even 990% over the long haul. During a free online event this Wednesday, November 7, he’s sharing his “blueprint”... and revealing the names of four stocks on his watchlist. [Details here]( - It’s the same thing that always happens when an asset price goes parabolic to the upside. Bitcoin crashed. It gave back all of the gains of the parabolic rally phase. And, for the past few months, bitcoin has been stuck in a relatively tight trading range between $6,300 and $6,600 per coin. But, it looks to me like bitcoin is gearing up for another year-end rally. Take a look at this chart of the NYSE Bitcoin Index – which tracks the price of bitcoin… This chart is forming a tight “consolidating triangle” pattern (the blue lines). Bitcoin is rapidly approaching the apex of the triangle. So, the price is set to break out of the pattern, one way or the other, within the next week or two. All of the technical indicators are in neutral territory. So, they’re not offering any clues on the potential direction of the coming breakout. But, to me, this chart looks more bullish than bearish. A breakout to the upside – above $6,600 per coin – should lead to a rally up to at least the first resistance level around $7,500. A stronger move could target the next resistance level at about $8,100. A move towards either of those targets would be a tremendous short-term gain. Bitcoin bulls might be a little disappointed in those price targets, though. They might be looking for a move back towards last year’s high of almost $20,000 per coin. That’s not going to happen – at least not anytime soon. Parabolic tops – like the one formed on bitcoin last December – tend to mark the top of the price for several years. Think about the parabolic top in silver back in August of 2011, when silver traded up to $49 per ounce. That was seven years ago. And while silver has had many decent rallies over the past few years, it has never come even close to getting back towards the $49 level. I could be wrong, of course. But I don’t see bitcoin trading back up to $20,000 for a very, very long time. But I do think bitcoin could run as high as $8,000 or so over the next several weeks. That would be a very solid gain on this beaten-down asset. Best regards and good trading, Jeff Clark Reader Mailbag What direction do you see bitcoin heading? What do you think about cryptocurrencies, in general, and do you own any? As always, send any questions, suggestions, or trading stories to feedback@jeffclarktrader.com. This Will Reshape Entire Industries… This Silicon Valley insider is predicting something huge for tiny tech stocks… and he’s going to give you an inside look, for free… Tonight at 8 p.m. ET, Bonner & Partners’ go-to tech expert Jeff Brown is hosting a free webinar, sharing all the details of the 5G network buildout. This technology is poised to reshape entire industries… and make early investors rich in the process. Don’t miss this free event… you’ll also get four companies on his “5G watchlist” just for attending. Reserve your spot [here](. This email was sent to {EMAIL} as part of your free subscription to Jeff Clark's Market Minute. [Click Here]( to change your delivery preferences or unsubscribe. © 2018 Jeff Clark Trader, 455 NE 5th Ave, Suite D286, Delray Beach, FL 33483, USA. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher. Information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation – we are not financial advisors nor do we give personalized advice. The opinions expressed herein are those of the publisher and are subject to change without notice. It may become outdated and there is no obligation to update any such information. Recommendations in Jeff Clark Trader publications should be made only after consulting with your advisor and only after reviewing the prospectus or financial statements of the company in question. You shouldn't make any decision based solely on what you read here. Jeff Clark Trader writers and publications do not take compensation in any form for covering those securities or commodities. Jeff Clark Trader expressly forbids its writers from owning or having an interest in any security that they recommend to their readers. Furthermore, all other employees and agents of Jeff Clark Trader and its affiliate companies must wait 24 hours before following an initial recommendation published on the Internet, or 72 hours after a printed publication is mailed.