Bitcoin Technical Analysis: NEW 2018 LOWS NOW A REALITY
Bitcoin has broken below the $3,250 support to new 2018 lows, something I've warned about in my last few updates. I believe a drop to at least $3,000 is now likely.
The only thing standing between bitcoin's current price and $3,000 is the 200 Day MA on the weekly chart. Many have been hoping for a bounce at this level...something we have yet to see.
In today's video analysis I discuss, where price may be heading next, market psychology, where the bottom might be and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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From behavioral finance theories, one can postulate that cryptocurrencies exploded in value because of limits to arbitrage... smart money investors could not arb the market to bring back down to fair/market levels, instead we overshot the fair price, which quickly leads to undershooting that we are experiencing now. There is a lot more to this, but limits to short sell (arb) was definitely a big contributing factor until futures were introduced.
Certainly possible. There’s many theories as to why we’re seeing such a deep correction. I think it’s a combination of things...not the least of which is market makers wanting to drive price as low as possible below the flood gates open up to institutional money.