BTC Price forcast
I wrote this last week for a premium group but I figured I would share it and see what you think
Due to the overwhelming amount of misinformation I'm going to give you a straightforward market analysis
Bitcoin has confirmed it is still in a bear Market
What you have been experiencing the last few weeks has been a bull trap
That is very common in this type of Market
Bots have been manipulating the market with family home offices. Those are bots with 300 million dollar purses who trade contrarian and are activated by oversold and overbrought patterns. They are also the direct contributors to those red Cascades you see all over the charts. Whales are old relics compared to the buying power of these bots
The amount of manipulation and crypto is ungodly compared to the stock market
So let's talk details
We have created a double top which is a killing blow. A double top usually happens before another massive sell off. It means that twice we have been rejected after long-drawn-out rallies. What we are looking at now is a euphoric pop that is common after a double top confirmation, it will not be able to go higher than the double top.( attached a photo of double top formation pop)
On the way down from the double top Bitcoin formed a double bottom. On that double bottom showed signs of a reversal and a possible pennant play-
Just like the inverse head-and-shoulders the pennant play was voided due to breaking down below trend lines
However the euphoric pop after the double top is still in effect
Right now we are expecting to see price action between 8.8 to as high as 10.9 ( this last burst can go as high as just below the double top)
This is the forecast for the next 7 days
Get rejected off of 9k k(AGAIN), fall below 200 EMA and go sideways with a downward trajectory towards 5900
5900 is extremely important. If we can rally off of 5900 it is possible that we create a very large double bottom. It would technically be able to launch us back into the 12K range.
That would be your chance to exit positions
The fact is we are not in the utility phase yet and the speculation phase will die out before the utility phase is implemented means a 150 billion dollar market cap is most likely
(returning everything to Nov 10,2017 prices and correcting the pump)
For future viewers: price of bitcoin at the moment of posting is 7581.10USD
Hey Steemians great post. Keep it up. I upvoted your post.
You can follow me on https://steemit.com/@manashjyoti
Congratulations @mckaystyles! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @mckaystyles! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!