fwiw

BTCGBP Weekly Analysis

Long
COINBASE:BTCGBP   Bitcoin / British Pound
Looking at BTCGBP - Weekly analysis - Strong Resistance at £8228 - I'm looking to go long around £6800 - if BTC breaks through £8228 then will look to see if Resistance then becomes support going forwards- only need one confirmation then we are off!
Comment: Trend line still holding! When UK economy reopens in late June/early July, then FTSE will surge and BTC will do too!

Comments

expecting a dump in the next 12 hours. I have some low buy orders in and im looking to pick up some wicks at the bottom . Im also short and in profit .
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fwiw onlyforcrypto
@onlyforcrypto, good idea - trading is a two way game - look at my daily BTCGBP idea - shows a cup & handle - short it for me to below £7500 and I will be a happy bull!
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The problem is with BItcoins it's too volatile and too small a currency to trade it like fiat currency on support/resistance or technical.

The currency is so small it's wide open to pump and dump manipulation by the big exchanges. You have to focus on trading volume and watch the big exchanges closely to see what's happening. Trust your instinct based around the psychological price level £8,000/$10,000 based on what we know happened around the previous splits and selling volume activity.

This third split is a bit different and there's a lot more interest and players in the market now. It could fall lower today and break below £6,000 so don't rush in is my advice. If you bought in low enough on the March crash, might wanna wait it out or sell take profits and buy back in much lower.

I've read everything I can by respected analysts (outside the cryptocurrency industry)...they are taking the view lower volatility after the split, and some high sell volume short term (this is supported by the institutional demand for option puts)..they are also predicting the price will rise a lot after the split to global economy uncertainty, fiat currency debt/low interest and more private equity looking for a hedge tool, but this could happen more slowly than previously. And BTC will become less price volatile after the split should see steady and sustained appreciation over the next 6-12 months and beyond..
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fwiw magnia
@magnia, appreciate your comments and I do understand what you mean about size market etc. However, there is a saying that Gold/Silver are God's money, Fiat is Governments and Bitcoin is the People's money. I do not want to be a fiat debt slave and BTC is the way out for me. I'll be buying continuously under £7k using DCAD strategy.
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