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Some expect wild swings in 2018. Saxo Bank’s outrageous prediction lists a possible high of $60,000, followed by a drop to $1,000. Similarly, cryptocurrency entrepreneur Julian Hospbelieves that Bitcoin will fall to $5,000, but he tends to think that it will also touch $60,000. He is not sure which level will be reached first.

While the predictions offer us different opinions, it is difficult to trade off them. So we have tried to identify a few unique patterns on the charts that repeated in 2017. These can be used as guidelines by the traders to develop a suitable strategy for 2018.

50-day Simple Moving Average

In 2017, 50-day Simple Moving Average (SMA) acted as critical support. In all other instances, the price touched the moving average or dipped below it during intraday, but quickly recovered. So, a purchase close to the 50-day SMA offers a low-risk buying opportunity. Buy close to the 50-day SMA and keep a stop loss below it.

200-day EMA decline as long-term entry opportunity

Bitcoin offered low-risk entry opportunities to the long-term traders en route to its 20-fold rise in 2017. It has not traded below the 200-day exponential moving average (EMA) since October 2015, which is critical support.

In 2017, whenever the cryptocurrency broke below the 50-day SMA, it came within a striking distance of the 200-day EMA. This proved to be an excellent buying opportunity for long-term investors. Even in the next fall, a move close to the 200-day EMA should be seen as a buying opportunity.

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