Bitcoin Testing Key Levels Once Again !
"It was at 1000$ a year ago, why would I even consider it" - That sentence came from a true Bitcoin HODLER. I think when you have been holding a bag of bitcoin from 50$ all the way up to 20,000$ your relationship with the KING Of Crypto is very personal, it's like a child that has evolved in fron of your eyes. I have massive respect for true holders, the believers, the pioners - Kudos ! To the charts...
To be honest I didn't expect to see BTC drop over 8% today, at one point we broke Friday's low (7930$). In my last post about bitcoin I spoke about the "white line", which is the 200 Simple Moving Average (A very important indicator for traders/investors). It is essential for Bitcoin to stay over that line, as this is an indicator watched by many and could cause a mini "flash crash".
It's very obvious that the downtrend in Bitcoin (Cryptocurrencies in general) continues and to be honest we might accelerate the downfall once we break the 200 SMA.
What's Next ?
- If we don't break the 200 SMA, I expect BTC to range in 7900$-9500$
- If we break 200SMA, I expect to see a sharp sell-off to around the 6000$ mark'
- For a bullish case we need a bit of consolidation at these level and then HIGH volume
Keep In Mind
There is a big event coming for crypto this week, there is a SEC/CFTC Hearing 100% on Cryptocurrencies on the 6th of February. A rather important event for crypto enthusiasts and traders. I would expect volatility, the Segwit2x cancellation volatility. The best scenario is BTC to dive below 6k in a flash crash manner and then to reclaim 200 SMA on high volume. If I see this, I am a bull right away.
I am excited and looking forward to see if the correction in the US market (S&P 500, Dow Jones and Nasdaq) continues how it will reflect on the the Crypto market.
If BTC is the Gold of the future we may see some new money going in it.
Currently BTC has a strong inverse correlation with Gold and a positive correlation with .VIX I don't think if we are going to crash investors will prefer putting their money in crypto. Big investors might shift some money from US equities into emerging markets, but I doubt crypto will go higher if we start crashing. If we go down, everything goes down (except for safeheaven assets like Yen, Gold etc)
Hi
I have been also watching and paying attention to the market. Now with BTC on the 8-9k a event like the onr next week wont be bad at all. Lets hope not everything is lost and it gets the attention needed to kick it back to the 20k roof again. If u hope enough only imagination is the limit. I also look into the grafics of years before and it always went down at this moment of the year. So dont worry it will make a come back just HODL😃 I LIKE YOU POST A LOT THATS WHY I TOOK MY TIME AND WROTE THIS 👍good job
Thanks, let's hope we will see it at 200,000 $ soon :)
As I can see so far, Btc starts to rise when CME & CBOE stop trading (weekends) Spot prices rise until Monday and then come back to catch future markets.
Well, I don't really think so. If you look at the chart, it's just downtrend - there isn't a good correlation as far as I can tell. Thanks for your comment, though. Interesting assumption
Thanks for your post. I've been posting since the $20,000 pullback that we would revisit $5800. No one of course believed it then and still many doubt it, but all bubbles break, does not how great the asset and they almost always retrace 100% of that last parabolic uptrend.
I'll be buying alt coins at full pace when BTC has reached the $5800 support.
Many blessings!
Yes, that is a great plan. My estimate is that BTC will touch 5750$. I also looked into your blog, you have some interesting articles, followed you :)
$5750 is spot on indeed.
Thanks for checking in. Not sure you saw the contest, if your interested in such, I think it the 3rd article down now.
Let's hope we're right and we don't break though $5700.
Much success.
Following you as well.
Thank you ! I hope you will find value in my posts ! I will check the experiment tomorrow, heading to bed now :)
I already have.
Definitely it will going to break 200 SMA, now BTC going downwards $7690.
Thanks for the information . . .
Im following U
Hi! NICE THANKS!
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