Crypto Analysis Report 8-5-18 BITCOIN...The $6k Level In Play Again
I last spoke about Bitcoin almost two weeks ago,
Markets that shoot straight up, tend to fall straight down. Because Bitcoin formed an new uptrend, I was glad to see the sellers at $8460 take over.
and was expecting a pull back price to the demand zone at $7300 before price continued higher. However, that level was breached.
Thus, the $6000 level is once again in play because there are no buyers in between the current price and the $6100 as indicated by the expanded long range candles in white.
However, for those support and resistance traders, watch the price action around the $6700 level for additional clues.
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.
Published on
by rollandthomas
Great info about crypto bitcoin. I like this informative post.
Thanks @zohaibrauf
On one hand, I'm ok with weakness in price, since it allows more time to save up cash to dollar cost average positions that are down 80%. On the other hand, in the not too distance future an ETF will be approved by the SEC and we will never again see this level for BTC or the alt coins and that would great for our portfolios.
The talking heads and wealthy who have been in the news bashing cryptos including leaders at some large companies (Like Dimon at JPMorgan) are at the same time building positions. I love ignoring the news and following their actions...
Awesome comment @morseke. With the announcement of ICE creating an futures exchange backed by bitcoins, I believe the Markets have missed the significance of this announcement and in the very near future we may never get the opportunity to buy this low ever again.
We should memorialize this period -summer of 2018- as the single best wealth building opportunity since the tech boom of the 90's. It's going to be awesome. I often say that I've tasted the future and it was sweet. In January, my portfolio was up 25x. I've double up my amount investment since then!
I’m in total agreement, everyday you here about institutions getting into the mix, it’s circa 1999 again, so we have to also be selective as well because there will be many projects that fail too.
I keep a watch on the number of cryptos trading on exchanges at coinmarketcap.com. Earlier this year it was up to 1542 and dumped to low 1400's as a bunch of the fraud coins and those that couldn't get listed on meaningful exchanged were delisted or stopped existing. However, in just a few months, we've shot up to a new high of 1754. The best exchanges are very selective in the coins they support. So I think the quality of projects will get better as the number increase. It's a sign that blockchain ain't going anywhere. I'm confident my portfolio has me in 80-90% of those that will still be around in 5 years.
In January the CEO of Binance key noted at a large S. Korean conference. I watched his presentation. He said one day there will be millions of blockchains. I think entrepreneurs will continue to find opportunities and the crappy ones will drop off eventually without much support.
Wow, I should of known there were that many coins/tokens based on 40-50 new ICOs a day. I like/prefer to invest in the blockchain plays themselves over Dapps, etc., but I'm sure some of the better known blockchains today will be replaced with next generations blockchains. As you indirectly mentioned, the key is diversification.
Solid analysis my man! We need to chat it up on discord, got some questions about posting on TIMM, etc.
Thanks @scaredycatguide I will look out for you on discord to assist with submitting post via TIMM.
@rollandthomas