Support is Looking Good for the Very Near Term
The way I see it, the further away from the $6800 price point you move, the better. And that goes tenfold for the ultimate line in the sand. That ultra-strong $6000 level. Price is slowly but surely climbing higher as the days go by. But there's not that much volume in it overall and things are looking to stay like that for a while.
There were fears not too long ago that the price of BTC may go down much lower. Whilst I still think that is a very real possibility, the chances of it actually transpiring are getting slimmer and slimmer over time. If indeed $5800-$6000 is the absolute bottom, then the best we can hope for in terms of price is to remain in this narrow band for an extended period of time whilst a few of the longer term technical slowly reset themselves. Hence, this current move up could well be capped off by anything in the region of $7800 or higher. I expect a small range-bound movement in the range of $7000 to $7800, give or take a couple of hundred either way.
How long will this last? That is literally the million dollar question. I'm sure nobody will know enough to even give any type of realistic prediction, apart from maybe looking at seasonal shifts in the market. But, when push comes to shove, we will see when we will see. Though the longer price remains trapped in this ever-tightening band, the more intense the breakout will be. That is for sure. So, our patience should hopefully be amply rewarded after this prolonged and boring game of cat and mouse draws to a close.
As always, guys. Keep diligent and act upon what you see, not what you think... :)
Nice post! I'm hoping we can break the 7300 resistance we are currently facing and finally break out of the downtrend, however I would also love to load up one more time at bottom prices...
I'm watching those higher resistance levels too, bud. :)
I'm happy if we can just hold steady for a solid week. After all the bloodbath weeks we've seen this year anything would be good.
Then we can push on into the winter like the past couple of years. Bitcoin and steem leading the charge.
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Holding steady would actually be a really good sign. :)
At least the past week has been a bit more positive. I've started to see a few coins making decent gains again and a lot more green in my portfolio. It's still a long way back but let's see.
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The problem with trying to predict the market is that in situations of low volume, the market manipulators can push the market up or down at will.
If they want to buy, they do a sudden dump, drive the market down, panic the dumb money into selling and then buy up their coins.
If they want to sell, they do a sudden pump, get everybody pumping crazily, and then slowly dump their coins into the pump.
Ultimately, you nailed the key point, which is that repeatedly the 6000 level holds every time it is touched or penetrated marginally. The 6000 level is remaining charged in people's minds, and as long as that is the case, the long term remains bullish, as there is a floor but no ceiling.
Sure, the market manipulators (and yes, people, they "DO" exist) make trading very hard, especially in the crypto sphere. Though still, lucky for us, the mechanics of technicals still work and seem to respect levels and the like. So, staying vigilant and ready to react at the drop of a hat, is key.
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STOPTo support your work, I also upvoted your post!