The cryptocurrency market is obviously bearish since beginning of this year. Now it faces two major problem and probably will keep bear for a longer time:
1.overhaul of funds due to oversupply of so many projects but limited increase of investors.
2.regulatory uncertainty from different govs on ETH and other erc-20 tokens which brings the risk to eliminate ETH trading from some exchanges.
As we could see, the market has been slowing down and volatility decreases over time. in this kind of environment, bulls can not come just very quick but needs to go through a longer period of sentiment.
Talking about bitcoin, it gains some momentum around 7000 on the long term trend line, but Elliot wave suggets the bounce couldn't last too long and will turn into a drop soon.
To me there are three possibilities: black line is most likely to happen which we bounce to the 7800-7900 pressure and turn to drop then break 7000, which is around 60%+ chance; red line is to bounce higher to around 8700-8800 then drop, which may have 30% chance; line is to go bullish from here onward which I think will have less than 10% of chance with the reason mentioned above..
Don't forget to press like if you find it helps :)
1.overhaul of funds due to oversupply of so many projects but limited increase of investors.
2.regulatory uncertainty from different govs on ETH and other erc-20 tokens which brings the risk to eliminate ETH trading from some exchanges.
As we could see, the market has been slowing down and volatility decreases over time. in this kind of environment, bulls can not come just very quick but needs to go through a longer period of sentiment.
Talking about bitcoin, it gains some momentum around 7000 on the long term trend line, but Elliot wave suggets the bounce couldn't last too long and will turn into a drop soon.
To me there are three possibilities: black line is most likely to happen which we bounce to the 7800-7900 pressure and turn to drop then break 7000, which is around 60%+ chance; red line is to bounce higher to around 8700-8800 then drop, which may have 30% chance; line is to go bullish from here onward which I think will have less than 10% of chance with the reason mentioned above..
Don't forget to press like if you find it helps :)
Comment:
seems to be following the black line