BTC Daily Chart - Where will we bounce? Is this the bottom?
Looking at the Daily chart, we can see the constant rejection of the longterm downward trendline making lower highs along the way. With all the uncertainty in the market of whether or not Mt.Gox wallet will dump on the market, ETF decision news, government crackdown FUD, and whale manipulation, it is up for debate on whether we have hit the bottom or if there is still more bloodshed in store. We have returned back down near the lows after optimism had crept back in when we hit $7500 but once again all hope has been crushed and has left people wondering if they should continue to hold their already +90% down positions or just take the loss in order to avoid further losses.
We are getting closer to decision time as we approach the very strong support area near $6000 as it has been tested many times and as the saying goes "the more a support/resistance level is tested, the weaker it becomes". Bearing that in mind, a break below the yearly lows will most probable cause a cascading panic of stops being triggered and people rushing to exit positions, which will cause total carnage in the market. Possible targets range between $5500-$5000 and a lower end target area of around $4500-$4000.
On the other hand, if we could muster the strength to get above one or both of the longterm trendlines, it could spur enough momentum to propel us towards our first upward target of $9000. This move above could be triggered by virtually anything but most are expecting positive news from the SEC regarding the VanEck ETF news as the catalyst. Either way, any break and close above those trendlines would cause FOMO is the market, which could be the catalyst for the next bull run. Many have high hopes of it happening sooner rather than later but we might continue to go sideways until the VanEck ETF final decision is to be made February 2019 if the one next week is postponed again.
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We are getting closer to decision time as we approach the very strong support area near $6000 as it has been tested many times and as the saying goes "the more a support/resistance level is tested, the weaker it becomes". Bearing that in mind, a break below the yearly lows will most probable cause a cascading panic of stops being triggered and people rushing to exit positions, which will cause total carnage in the market. Possible targets range between $5500-$5000 and a lower end target area of around $4500-$4000.
On the other hand, if we could muster the strength to get above one or both of the longterm trendlines, it could spur enough momentum to propel us towards our first upward target of $9000. This move above could be triggered by virtually anything but most are expecting positive news from the SEC regarding the VanEck ETF news as the catalyst. Either way, any break and close above those trendlines would cause FOMO is the market, which could be the catalyst for the next bull run. Many have high hopes of it happening sooner rather than later but we might continue to go sideways until the VanEck ETF final decision is to be made February 2019 if the one next week is postponed again.
Please hit the 'like' button and give us a follow!
Let me know what you think!
Thanks