BTC Levels and Is There a Crash?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In my previous post I advised shorting BTC/USD. At this point I’d say take your profit and go back to a wait and watch brief. The key question for everyone now is where is the bottom? And even is this a crash?

A couple of key levels to watch are the yellow trend line in the 7700-7800 range. There are also buyers waiting in the wings to get in around this level so we might see a bounce here. The 200-day MA also forms a level of support here. Whether any bounce here is sustainable depends largely on if there is enough volume to create a rally. If we break through this level on the downside then the next stop could be the purple trend line in the 4900-5000 range. At this point all the news would be a BTC crash and complete doom and gloom. A nice point for entry.

Elliot Wave suggests we are in phase C of a correction. Fibonacci 61.8 and 78.6 also offer convergence. So pick your bottom, of course taking into account your own analysis.

So is this a crash? Well BTC futures were created basically so Wall Street and the City could short BTC . This along with that a steady stream of negative news has allowed the shorts to rake it in. It’s market manipulation. As the price falls the little people sell thinking its game over. Then when the price hits a good entry point Wall Street and the City will go Long and all of sudden the craze will start again. If you think about it logically why would Wall Street and the City let it crash now? If they do that then they lose too because they see it as an opportunity to manipulate and take money off novice traders, dreamers and punters. In 1929 the Stock Market crashed and fat cats made a lot of money while the common man was left broke. Cryptos offer the same opportunity for them to exploit the common man, a very rare trading opportunity. In my opinion this isn't a crash but a question of the right entry point. Any thoughts welcome.
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