Miner capitulation = Miners Selling BTC Price predictions based on Declining Volume = Indicates a big move is coming VPVR = Price Floor Estimating previous resistance YTD to act as new support. Have a Good Day!
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Ichimoku cloud indicates bounce of 8.5k levels is possible for recovery.
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Double Top Pattern is labeled with two red circles on chart Indicating 9k will be broken.
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Institutional investors are not buying Bitcoin right now at healthy levels and they should be to indicate a strong market outlook. The price is being supported by retail buyers (regular people) and the masses tend to be always wrong.
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The markets will always do what takes the money away from most people and there are allot of new traders that are going to be shook out within 2 or 3 4-hour candles.
Recent news is Miners are not selling and has rates back to normal..
WallStreetWealthy
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@alienteck, yes sir this has been reflected on my new idea
WallStreetWealthy
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@alienteck, Just to clarify the Miners Capitulation was predicted just about a month ago we just passed the 50% mark and the level at which miners sell their btc has just started to decline not stopped.
alienteck
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The declining volume says it will bounce in the 8k's and wont get to 7k supports.. So lets see..
And about retail.. the internet bubble was caused by retail and when institutions jumped in, it crashed.. BTC like Gold is a retail asset not for institutions.
WallStreetWealthy
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@alienteck, yes I agree with first part to some degree, lets see what happens.
I do not think that post COVID-19 retail investors alone have the power to push BTC up to a new ATH. We need more Whales/Instituions to hold.
I heard Goldmann Sachs called an investors meeting to discus the fate of BTC and Gold in this coming crisis. The fact they even added BTC to the Title is Bullish.
alienteck
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Maybe Goldie thinks in the new world there wont be a single asset controlled by a single entity that would be very valuable.. Gold and BTC are global assets not controlled by anyone. Their prices can vary widely from one part of the world to another but they are still valuable. Internet makes their value almost equal but they still are not. Although they do trade within a range of under 10%.. Although strange the Ruble actually is more expensive to buy than the official rates. BTC moves 5-10% on either side depending, even though unlike Gold it can just be sent via an email.. In time BTC will hit ATH, maybe not in the time frames of the internet..
magulya
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@alienteck, BTC price is controlled nowadays by whales and Market Makers
alienteck
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Whales are buying into this drop – more than $108,000,000 at current prices since may 20th.. So its retail and miners thats selling..
DappStatCentral_ML
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Hi, good TA, I agree we might be going down in the short term.
My TA:
WallStreetWealthy
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@DappStatCentral_ML, Yeah I would argue it is healthy for Bitcoin to dip to 8.5k and then bounce back to 10k.