It is September 17th, 2018
BTC dominance is currently at 55.4% (-0.4%). The total market cap is currently at $202.8 billion (+ $2.2 billion). The market volume of the last 24h was $10 billion (- $0.6 billion).
This Dormant $720 Million Bitcoin Wallet Has Woken Up – But Who Owns It?
Ethereum Co-Founder Invested in Bitcoin at $1 in 2011, What’s Changed?
Weekly market recap
We suggest you to read all three articles, especially third one that will give you weekly recap on crypto market! The week behind us was full of price prediction articles and it will be great to reread them all in once and get overall market opinion!
We would like to point out the quote by Vitalik Buterin:
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,”
D1 time frame : https://www.tradingview.com/x/6BRE7oYk/
The same situation last few days! We have both bullish and bearish signs! The fact that we would like to point out is that we had 2 days in a row with the lowest volume in the last 2 months! Why is that important?
Well, when you have low volume it means that you can easily manipulate market with a little increase in buy or sell power! There are two possibilities, it will go up or it will go down so someone may think I can go long or short with tight stop loss and I have 50% chances to be right! Yeah, you have 50% chances for uptrend to happen and 50% for downtrend! But, if you are using tight stop loss, you have let's say 50% chances for stop loss to be reached and 50% to be mised. So, your chances to end up in profit are not 50% but 25% (50% of 50% = 25%). Why would you enter this trade with terrible chances to end up in profit? After few days of volume, we can easily see one candle that will go up or down $150-200 and then go in another direction for $300-400 and close around opening point! The purpose of this candle is to fill out all tight stop losses and to create market that is easier for them manipulate.
So, as long as we are ranging in this period, it is big NO TRADE zone for our team! If we get positive news about ETF or any other major news, price will go easily to $7000 and above. If we get some FUD, we will easily revisit $6000 area. If you miss first wave, it doesnt mean that you missed whole move. You can reenter on pullback and end up with more than 75% chances to be in profit!
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To your success, CS Team!