Crypto Analysis Report 5-17-18 BITCOIN...Price Hovering Above A Demand Zone At $7900
Last week, I recommended two set-ups and price breached both levels.
There is another demand zone below at $7900. I'm not in love with the structure at $7900, but it might serve as a good level based on the fact that the other levels, when breached absorb sell orders. Thus, the sellers might be near exhausted.
The $7900 level serves as the last defense. If this level is breached, price will certain head lower to the next demand level at $6850.
If the $7900 level holds and price starts to move higher, the buyers still have to battle it out with the sellers at $9300 and $9800. Thus, price is not out of the woods yet. Before price ultimately move highers, the key level to take out remains $10k.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Upvoted ($0.17) and resteemed by @investorsclub
Join the Investors Club if you are interested in investing.
What are your thoughts on the MTGox trustees and their regular sales of 2000 ( last week) or more ( 16000 a couple of weeks ago) BTC in big chunks. Are these what are hitting the btc price so often?
thanks
I think $10 was a key level many people were looking at to take profits/sell. I don't think the volume MTGox trustees is enough to move the Market, but when people here at about, I think many people get scared and sell.
What are your thoughts?
I think it's an overhang, for sure, and there is another more than 100000 to sell. However, you are correct, it's a tiny % of the market and should not affect it, but crypto and BTC price is driven on hearsay, rumour, and superstition, so anything can shift it. There was some blah about a Korean exchange last week as well.
However, there is also the prospect that the big players ( the whales, as it were) push the price about for their own benefit, and finally BTC had recovered +50% from it's $6k low, and this might just be a healthy pullback.
So...I think, like one of those annoying chart people who covers their ass, I've just listed every possibly!!!
I've confused myself now :)
But, I'm hodling my different positions in the hope that the long or medium term trend is up.....although, as I asked in my first crypto post, how does that $1Million target really stack up, as in, is it physically possible, even if the market drove it there?
@therealwolf 's created platform smartsteem scammed my post this morning (mothersday) that was supposed to be for an Abused Childrens Charity. Dude literally stole from abused children that don't have mothers ... on mothersday.
https://steemit.com/steemit/@prometheusrisen/beware-of-smartsteem-scam