$7,000 BITCOIN Incoming Before CME Futures Ends Today!?
Hey guys, I want to start off this post by saying I am not trying to spread FUD in the crypto market, I love cryptocurrency and the blockchain and it has a very bright future. I am simply illustrating what I believe is going to happen in the markets next and with the CME Futures closing in 5 hours (4pm GMT), a bearish first half of the day and bullish second half of the day wouldn't be surprising to me at all.
So anyway, below is my Technical Analysis for BTC/USD on the 4 hour chart and I guess my fundamental analysis is that the the January Futures contract for Bitcoin is ending today (I know, very in-depth fundamental analysis! lol).
What we have here is simply a down move, then a continuation pattern has formed (the Symmetrical Triangle) and therefore since it is a continuation pattern I expect another down move. After the CME Futures January contract ends however, I believe we will see a decent pump in price. So, it's not all bad news!
What do you think guys? If you agree comment what price you think we will hit, or if you don't agree tell me why! Thank you for reading.
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
I can definitely see that downside breakout from this triangle we're in being a possibility. I'll be keeping my eye on the charts today, thanks for the heads up!
You could be right but a further dip can also be expected. There are also people who have to buy btc for 15k. If they decide the minimize their losses the bottom will be wiped out!
Will follow you
CME Futures have expired but we just saw a smaller drop compared to the previous ones. Price is slowly increasing, but it could be a bull trap. What price do you think will confirm the real bull run?