BTC shorts have continued sinking toward the lows of a daily demand zone, whilst BTC price itself has failed to make much reverse-correlated movement in turn.
This means that the recent BTC trend channel break was a fakeout and BTC is heading to new lows around $3300 within the next month or so.
As can be seen in the graph above, the Japanese candles rose above the Ichimoku clouds, What Does the Ichimoku Cloud Tell You? The overall trend is up when the price is above the cloud. The last time it happened was somewhere in August 2018
The second important points are that the price goes above the Moving Average 100
(There will be no serious increase as long...
We could see price reach our target resistance zone ( red box ) then we are expecting price to keep falling and could find some key support at around the 3417.1 area.
We think that after price hits our support area we are going to start seeing BTC price pick up and could even see price hit 10,000 this year, but that's a just our prediction for the long...
I think today many are sad about such steep fall, but things are not as bad as they look, in my opinion.
Looking at the weekly and 2 weekly TF, we see convergence along the MACD, convergence on such TFs, as a rule, can give a significant impetus. I would also like to note that convergence is triple (class A), which reinforces the buy signal. I also noticed that...
I expect a possible $3100 BTC before shorts dump entirely, but this will likely happen fast.
In the short term (7-9th december) I'm expecting a minor BTC retest to 3.6k, but next week, or even this weekend, once $3-3.4k BTC is fulfilled, prepare for a bullish BTC.
As the weekly frame looks extremely bearish, Major supports at $4900 Region and $3900 Region also. 200MA stands around $3100 which could also make a retest then we should see a huge bounce of this and we can finally start our Bull Run.
With shorts this low and price steadily creeping up, I expect a large price dump in the coming days. Following previous trends with shorts in this range has lead to $1000+ price drops throughout May, August and September.
BTC is heading towards $5500, 2018 has seen BTC lose a lot of value and as we start to see the Bottom close, one more downside push could see us then move on to new highs. 50 & 20MA pushing price lower and volume has dropped in the last few days. As we head into the end of 2018, we will surely see BTC drop further to more zones where accumulation is inevitable.
7 Times in this region and each time we have gone in either direction, RSI looks like we could be overbought recently and we could be ready to test the 20 & 50MA (Yellow Box) - Lets keep an eye out on this but i do believe a retest is the most possible outcome.
It is imperative in my opinion for bitcoin to respect this all time trend line, we are approaching it in the near future. I think the price could dip further in the next few weeks, but then a new bull run will begin.
Let me know what you think in the comments.
Like this idea if you agree!
As BTC falls, we evaluate the levels we could be seeing, 50MA acting as resistance and looking to reach the Red Zone after we break the Green zone coming up. MACD has crossed aggressively to the downside.
BTC Found support at $6550 and is holding well, If we breach $6500 we could be heading towards $6200 region, but expected to keep the curve moving upwards and possible retest of $6750 (Purple Line) which could send us back down slightly but the curve could make us push on towards $6900 (Green Box)....
If we drop towards the $6500 region I would get out of any...
BTC volume drying up signing lose of interest in the market which is typical of bottoms. where retail investors are disillusioned and deluded. they leave the market giving big investor time to accumulate before start a sharp move which will hit news and create FOMO in old and new retail investors. The question is what it would be more lucrative for big investors...