I hope everyone is having a great start to their Friday -considering the circumstances.
SO.. I'm feeling BEARISH here, but my intuition hasn't been very accurate these last few days. While I've had some great calls on the PA, I haven't entered into any trades the last few days because I haven't felt confident enough in anything BTC's been doing.
Waiting to see how the market opens in about 10 minutes, but we could be heading down. But if the market opens in the green, then we could head up. So.. I'll just be watching and waiting. Either way, we are expected for SOME BEARISH CORRECTION over the next 3-4 days. UNLESS - WE GET A NICE BOOST from somewhere and enter into a parabolic move to the upside. Which, given the state of the world right now, whales could decide to jump into BTC head -first at any moment -sending the price through the roof.
On the daily - we are looking at a DEATH CROSS of the 50 and 200MA, an event that has resulted in BIG MOVES TO THE UPSIDE the last few times it has happened.
HASHRATE drop has typically lead to a PRICE DROP followed by a sharp increase in price.
We have RISING PRICE ACTION with DECLINING VOLUME - THIS IS VERY BEARISH
4hr MACD is looking BEARISH.
I am NEUTRAL here in my prediction for BTC. Waiting to see where we break -but I see BTC breaking DOWN, finding support between $5800 - $6000. If we break this support level, we will DROP FURTHER to 4.8K. -which, would ultimately be EXTREMELY BULLISH in the long run (Check my idea below for explanation why).
What do you all think? I would love to hear what your predictions are today!
@Mudrex, I agree here -moving sideways until we get some sort of push in either direction. BTC seems to be holding strong where it's currently at, but it may have just began to lose its strength at the time of writing this reply. Market got a brief pump this morning, spending a little time in the green could be what's kept BTC above 6.6K for about an hour. SPX is headed back down, and it looks like BTC is headed down now too.
y3moudi
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Stock down today, so what do you think?
BitCapJNY
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@y3moudi, Opened with a bit of a pump right out of the gate -but it's headed back down now, BTC looks to be heading back down as well.