Esmaeel

BTC is getting ready to go down

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hey guys. Just a quick post to track my analysis. It looks like BTC is close to the rising bottom of a bear flag and will probably break down. If BTC breaks down the flag, the next support is in $8500 area which is the previous low. After that we may go down more to reach the bear flag target and probably around $6k. The 24 hr volume to total market cap ratio is currently equal to $13 billion / $373 billion = 0.035 which is very low and it has been decreasing. A value below 0.05 suggests me that the market is ready for a drop and is more vulnerable to be manipulated by bears. I always keep cash for a time that this ratio reaches 0.1 and I buy. Also, I did hold a good portion of my coins to protect myself against a sudden price increase of BTC . I never assume that I can predict bitcoin . Whenever I made this assumption, I lost money. lol

Good luck trading :)
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