Final Low of the Year? BTC/USD : Minority Venture Capital (MVC)
NEW DAILY CLOSING SWING LOW
^Says it all. After not having enough strength to even reach the death cross of the 50 SMA over the 200 SMA, BTC is back down testing its lows. I think it's very unlikely that the ~30k area will hold the price up for a fourth time. With the 6th day of 9 just beginning on TD Sequential count, I'm looking for a 9 buy and reversal in the mid/high 20s. If this comes to fruition, I believe that there is a high likelihood that it would be bottom for the year. However, if the 9 comes and we are still floating around the 30k mark, I doubt it will turn into any substantial bull run.
^Says it all. After not having enough strength to even reach the death cross of the 50 SMA over the 200 SMA, BTC is back down testing its lows. I think it's very unlikely that the ~30k area will hold the price up for a fourth time. With the 6th day of 9 just beginning on TD Sequential count, I'm looking for a 9 buy and reversal in the mid/high 20s. If this comes to fruition, I believe that there is a high likelihood that it would be bottom for the year. However, if the 9 comes and we are still floating around the 30k mark, I doubt it will turn into any substantial bull run.
Comment:
Just hours after this post we crashed down to high 28,000s and rebounded very nicely off a 9 buy on the hourly. Unfortunately, on the daily scale this bounce came three days too early. While it was a very strong bounce, something feels off about it. It may very well have been the ultimate low, but I think it came too early and not quite low enough. Still looking for another low (and final low) closer to 25,000 in the next two days.
