Bitcoin - Where Do We Stand ?
Sooo after a pretty rough week for the crypto embassador we are in a very interesting spot and the days ahead will give us some clues for the possible direction of the general market. In order to make this kind of a decision we should take a look at the weekly and daily charts.
On the monthly we can see that we are currently below the 50-day (7611$) and the last few time we tested it it managed to hold. Of course there are two more days until the week is over and if we manage to climb back to 7610$ it will be a very good sign in my opinion. We should note that volume is steadily declining week after week, which is not the best sign.
On the daily we are below all major moving averages and tha chart is not looking good. The first support I am seeing is 6800$. Of course if we can't beat yesterdays lows or if we beat them and come back up this again will be a good sign. Overall things look more bearish to me.
What is your opinion on the matter ? Let us know in the comments :)
It's not looking bullish at all at the moment, in fact, it's looking a rather bearish. Like you say, we should have a much better idea in the next few days.
Absolutely. And we had, now the americans bought the dip :D Let's see what happens next
I have been bearing on cryptos for quite some time. At this moment though i only want one thing. For other projects to disintegrate from bitcoin. In stock market, when google falls it doesn't take everything with it, every other stock is on its own.
Yes, that would be nice.. it's kinda annoying the level of correltion between projects that don't have anything in common.
Its just because of trading pairs. As more trading pairs get introduced, bitcoin dominance will fall.
Hi @ervinneb, i wish i could share a chart but not using my pc. The fib retracement from the previous low of 6800ish to the recent high around 10k shows 7200 as 78.6% level which, I've been heard from a lot of analysts, is a strong level for bitcoin unlike the 61.8% for traditional markets. The market bounced off yesterday from just above that level and i think we will test that level before any short term bounce. Weak volume to me is a good sign as it means correction not bearish trend.
Let's see how it goes. May be i want prices to move upwards. Anyway, i read a great article that i thought you might enjoy -
http://business.financialpost.com/investing/the-secret-trading-strategy-from-the-1930s-that-hedge-funders-dont-want-you-to-know-about
great article ! I really enjoy reading the 30's stock operators stories, they are very captivating. My favourite book for trading is the reminiscences of a stock operator (depicting Jesse Livermore's life).
Some of the things they mention are forbidden now on the stock market but in the crypto world there are no regulation, so I guess this article is veryr relatable to the current situation.
Yeah, I also actually thought that the article is very relevant to crypto markets. There is much more scrutiny in financial markets to be able to pull this off. Although I think some manipulation still happens in OTC credit derivatives market. But crypto, i do think is being influenced.
spoofing and wash trade is everywhere :D The wild wild west at the moment.
Agree 100%
Hoping for a big bull run here soon
Great graphical thought bro.. @ervinneb..
Don't worry... Just cool in this hard time .. Wait and see ..
I think, at the end of the year BTC exceed 16,000 USD again....
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