The critical area I have marked serves as a very large resistance. Until now, it has proved to be a direction indicator for Bitcoin . Either we rebounded from there without any problems or had to form a flag before or after to break them.
Since many coins are in the meantime, I would be careful.
I also do not want to say that Bitcoin will bounce 100% there. I just want to warn you hereby.
So watch out for this area, because this could be a very good point to short.
Together with $11000 the $9800 range is the biggest resistance for Bitcoin and since nobody has this area on the screen, I could well imagine a sharp move down there to trap everyone.
Since the shorts have been dead for a long time, a sudden downmove would also kill the remaining longs.
how low do you think we go and when?
maybe 4k in september or sth?
and i see you are bullish on bch, i heard lots of trash talks about this coin, do you think at some point flipping will happen that bch takes over btc?
not causing war btween btc and bch on a fundamental basis, I am purely asking what you see in both charts and compare them cause i dont have an ability to see anything in those charts ;(
To Bitcoin Cash: I can not imagine that Bitcoin Cash will overtake Bitcoin. However, I can well imagine that it could be due to the coming hype on 0.5 BTC per Bitcoin Cash.
But let us surprise ourselves. Since the coin is manipulated like anything else, it is almost impossible to make a prediction.
There are 2 options for Bitcion: We can't break the critical area and start reversing here or we are making a flag and break resistance.
To BCH: I can imagine one more very sharp drop before going up. If we break the previous high, where is a big resistance then this is about to fly.
If I watch around Tradingview, then I see something completely different :-).
Would love to be wrong about this.
Btw, I saw some news article that claimed the bull market was back and would be greater than 2017, the only chart pics they had in their awesome article were 30 min charts XD
Did you notice the daily bearish engulfing candle at the top also? :)