BTC has been working through a H&S position for a number of days which has resulted in sideways trading. The right side of the pattern is higher than expected which should indicate a reversal (the price is going to drop).
There is a lot of positive news and other factors like Institutional investing that should make BTC much stronger. The fundamentals at this point are still pointing to a final correction down to the 6000's before moving back up.
The most certain information that we can determine is that BTC will drop at least to $7050 which is a pretty good buy opportunity if you are still sitting cash.
Hopefully trading today will accelerate the pattern!
There is a lot of positive news and other factors like Institutional investing that should make BTC much stronger. The fundamentals at this point are still pointing to a final correction down to the 6000's before moving back up.
The most certain information that we can determine is that BTC will drop at least to $7050 which is a pretty good buy opportunity if you are still sitting cash.
Hopefully trading today will accelerate the pattern!
Comment:
BTC has almost moved down to the neckline indicating it will continue to drop as we have been talking about to at least $7050 -which is a good time to buy unless you are willing to risk missing a breakout (I'm betting on a 6500 low).. Long BTC is always bullish and hopeful - short term there is a lot of buy pressure to continue pulling down the price. We are in a bearish situation until we go above 7800 - until then we will move sideways or downward until we hit a bottom. Im hoping to pick up some BTC at 6500. We are in a constant battle to gain btc then dollars then btc. The current market indicates a sell now with the opportunity to buy lower (at least 7050)... Take a partial position if you are unsure. Weigh your options!