Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the internet.
I got a few messages from people asking to give more frequent updates. My answer is if I do not update, the most probable reason is that my previous analysis is still valid, and nothing has changed. I will update as soon as possible in the event of a major move. Unfortunately, due to time restraints, I cannot write more frequent but I will try my best.
Now let’s talk business.
In my last update, I mentioned that bulls are battering $6500 and if they are successful to breach, BTC can gain a maximum price of $7500. Well, it reached $7429 and fell like a dead bird out of the sky.
I saw many twitter accounts predicting massive gains for BTC, they have not updated anything for a few days now. What bothers me is they have a massive following and their followers are being misled by these so-called analysts.
There is nothing bullish about BTC currently. I repeat, there is nothing bullish about BTC currently. And like it or not, I see further declines in price and painful time ahead for the entire crypto space.
Let me share something else as well. A good analysis does not mean that it is always on spot, it requires a continuous observation of the market at significant price support or resistance levels. Such as:
Do I really need to explain more that this was a warning shot to exit any long positions and open shorts?
This happened after:
Moving on to the future:
BTC is consolidating between $6200 – $6500 and the price action is weak. It can break below its long-term support level established between $5850 – $6000, or bounce back up to $6600 – $6800 at best but a bounce seems unlikely at this stage.
Below is a weekly chart with potential support and resistance levels. The yellow dotted lines are potential support and red dotted lines are resistances.
No one can say for sure when will the market finds it’s bottom. In the absence of a catalyst, BTC will keep grinding downwards until it reaches an absolute bottom. The SEC is due to provide its decision on BTC ETF in Sep 2018, a positive news can turn the tide immediately in the favor of the bulls and an instant trend reversal is highly likely in such event.
I stand by my analysis of a capitulation phase between $4500-$3000 levels until further notice.
Do you think it is all doomsday? Do you think BTC is dead? Do you think the market is going to hell, the bubble has burst, and it is never going to rise again? If yes, then read further. The answer to all of the questions is: Absolutely not. BTC is not going to die, some scam crypto projects will not survive this storm, but it will be good for the market. The whole market will rise when it is ready, it is only the matter of time. In the hindsight, there is some slow accumulation already started by big players and exchanges and they will accumulate more in the capitulation phase of the market which is yet to come.
Trade Safe!
Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the internet.
