My mission for Simple Crypto is to give honest analysis to all my followers and patrons of the Simple Crypto network. As you already know, the crypto market is hurting bad and some are starting to question if the bear is now in power. Before we FUD or HODL, let us give BTC an honest look at and explore what the technical side says about this.
Is it uncommon to drop such a percentage in such a short time... YES, look at February of this year. It is not uncommon for BTC to drop 10-30% of its value in the bull cycle. IT HAPPENS, this is the world of crypto folks. Now to say this is just a simple correction on bitcoin let's look at the facts.
At best all I can see is consolidation for the time being. Here is what would indicate to me we are now in a bear market.
Small Indication: A daily close below strong support levels (Red Dotted Line)
STRONG Indication: A daily close below the support level back from earlier in the year (BLACK LINE)
These support levels are key supports and our fib retracement tool also fits these levels as well.
From fundamental analysis, I think we are very bearish. No major bullish news up ahead. A lot of FUD. Proposed Capital Gains Tax, Turkey ban on crypto as a currency and other things as well. Regardless of what you may think, the news is news and that kind of stuff reflects on the market.
Here is what would change my mind and keep me bullish.
A close above resistance and back into the Bollinger bands.
Declining sell volume and pressure. (Which I am not seeing as much as like in 2017 cycle)
Anyways I try to keep it simple. I would like to make my main point that if BTC does not do well, chances are ALT coins will not either. We must keep our eyes on BTC.
Best of Luck!
NOTE: This is not financial advice but a mere analysis on BTC.
Is it uncommon to drop such a percentage in such a short time... YES, look at February of this year. It is not uncommon for BTC to drop 10-30% of its value in the bull cycle. IT HAPPENS, this is the world of crypto folks. Now to say this is just a simple correction on bitcoin let's look at the facts.
At best all I can see is consolidation for the time being. Here is what would indicate to me we are now in a bear market.
Small Indication: A daily close below strong support levels (Red Dotted Line)
STRONG Indication: A daily close below the support level back from earlier in the year (BLACK LINE)
These support levels are key supports and our fib retracement tool also fits these levels as well.
From fundamental analysis, I think we are very bearish. No major bullish news up ahead. A lot of FUD. Proposed Capital Gains Tax, Turkey ban on crypto as a currency and other things as well. Regardless of what you may think, the news is news and that kind of stuff reflects on the market.
Here is what would change my mind and keep me bullish.
A close above resistance and back into the Bollinger bands.
Declining sell volume and pressure. (Which I am not seeing as much as like in 2017 cycle)
Anyways I try to keep it simple. I would like to make my main point that if BTC does not do well, chances are ALT coins will not either. We must keep our eyes on BTC.
Best of Luck!
NOTE: This is not financial advice but a mere analysis on BTC.