Bitcoin Overview [26.06.2018]
Soooo, long time no seen with my steemit friends ! Unfortunately it has been a pretty busy June so far and I haven't been very active on the crypto front (which I guess is a good thing given the situation).
Like many of you I am "trapped" with my investment and wouldn't take it out for years (by choice). I believe that things will get a lot worse before they get better, and if you have read my previous articles you know that I never say things as "buy the dip". Buying the dip is often very, very painful.
Soo, let's get into it !
Bitcoin
So lets begin with the obvious - a lot of sellers on the red bars, almost no volume to the upside. Obviously some basic supply and demand rules are determining the price of an asset. In this case supply far more outweighs demand, which results in price decline.
Another thing is the support level at ~5900$. To be honest at this level all I see are more pivots to be taken out. To be honest I would be shocked if we don't test at least 5500$, if we go down a lot I assume that the volume and the margin calls will be triggered and panic selling is expected.
The ideal scenario for me is BTC to fall ~3000$ and base there. This will be a great buying opportunity !
I am not bearish on blockchain ! I see what happens lately and a bull scenario at the moment for me is unlikely. Institutional buying is off the table at the moment. This correction can really get to the 90%.
First of all, welcome back! Was wondering why i hadn't seen a post from you. :)
Anyway, think your analysis is spot on. I am also waiting for price to drop. Can't predict the bottom so picking up small positions as and when i see fit. 3k is possible from the looks of it.
Thank you ! Not much of an analysis rather than opinion on the situation. ! Glad to be back :)
I don't have much invested, but I am def looking at investing, so I am there with ya, waiting for a sure-fit bottom to this madness.
I just hope it will go up again as well, hahaha.
I believe we are in for a happy ending :D
Future is looking bleak. Its perfect for bull run.
When things look bad a bull run is not necessarily a must :D
Yikes, thanks for the caution.
Timing is everything. :)
Yes, in trading timing is indeed extremely important.
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I am glad, mate you are here again! I am waiting for your new posts.