Bitcoin Market: Expect more downside.
Hi traders, Bitcoin is looking ready to dump yet again.
Here's why.
Bitcoin.
- Following the bounce from the low $7000, Bitcoin failed to gather enough momentum to break through the volume well above $7600:
- Besides, a huge bearish divergence has formed on the daily stochastic RSI:
- Therefore, I believe we're going to resume auctioning down to go retest the bottom of the current volume node ($6700) within 1 to 2 weeks:
If $6700 breaks, you can clearly see on the chart above that there is absolutely no volume to slow price down (large volume well) before it hits the lower $5700-ish volume node. I believe we'll bounce there and then we'll wait for the bigger players to decide if $5700 constitute a price worth supporting or not.
Remember, in a market which lacks new retail money coming in...
...only large players have the ability to support the price so until these agents agree on a fair market price for Bitcoin you can expect the whole cryptoverse to stay bearish.
Trade Safe!
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The previous 5 days have been displaying bullish momentum after price found support around the $7,077 region. I believe we will see this momentum continue to the $8,000 region before we see a stall in price and potentially another move to the downside.
Looks like you might be right, I'd need to see the price start making new higher lows to add to my position though.