Crypto Analysis Report 5-26-18 BITCOIN...Price In A No Trade Zone
I last posted about Bitcoin one week ago,
I mentioned $7900 level served as the last defense. However the level was breached and price has slowly been drifting lower.
It's important at times to zoom out and look at the Bigger Picture. Price is closer to weekly demand vs weekly supply.
Now lets zoom in a bit.
Price is currently sitting right smack in the middle of daily supply and daily demand. The trend is down currently. If you are considering going long, wait until price drifts down a bit lower to the daily demand level at $6850. This will allow you to optimize your risk to reward ratio.
Price has also formed three doji daily candles. A doji candle is created when the open and close are virtually the same. Doji candles tend to look like a cross or plus sign and have small or nonexistent bodies. Doji candles can often be found at tops and bottoms and signify a reversal. Thus, if you are a break out trader and bullish, buy on the breakout above the high of the first doji candle.
PS - there are a lot of people out there that think Bitcoin is heading a lot lower....like below $6000. However, in the past I have talked about the $6000 being key and strong level, so I don't see price getting below $6000 without a tremendous fight from the Bull.
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.
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Given the weekend and the typical low volumes, there could be a retest of the bottom that could lead to high volume capitulation drop. Despite the bad price action, it could finally put it a more confident bottom if we rebound from there.
good point. As I've been stating incl. yesterday.., sentiment is just not there, just no fear in this market..(yet.)
Great point, I don't think we will see any significant until the weekend is over, but since you speak of volume, we need to watch news coming out of Asia, specifically Korea...they represent a significant portion of the volume in the crypto space.
https://steemit.com/bitcoin/@rollandthomas/singapore-is-the-cryptocurrency-capital-of-the-world
Great post, How many days take it will touch in bottom line, any idea about it? Thank you for this informative article.
Thanks, I'm not really sure, all it takes is for one negative news press and price will drop $500 or as Newageinv stated, with no volume, price will continue to base.
excellent!! my concern? sentiment is not there, surprisingly.
With no positive sentiment, I'm assuming price will not go up, but down correct?
that is exactly the case....but let's hope the strong support can create a "sideways"' movement for a while. It just won't have a strong move up here with this sentiment.