With the current 4 month downtrend we see on bitcoin, I doubt the volume shown in the past week will be enough financial energy to push bitcoin out of its trend. The FUD in the market is not over. Goldman Sachs believes bitcoin has to potential to dip under 6k, and much of the public relates bitconnect's collapse to the rest of the cryptocurrency market and is deciding to stay away. There is no Major hype for bitcoin in the next few months, and i believe something to look forward to would help significantly drive bitcoins price up. Since there is no such news, i doubt outside investors will be eagerly jumping in.
From a technical standpoint bitcoin is not looking good short term. The 4 month long downtrend will provide serious resistance at 10.3k, and there is also heavy resistance at 11.3k. I see support for bitcoin at around 8.1k and I believe there is a chance bitcoin could flat line in price at that level. Time will tell and we will have to see how the chart plays out. i am 90% positive bitcoin will not be heading above 10.5k in the next few days and will head the opposite way.
Thanks for listening,
Colm
From a technical standpoint bitcoin is not looking good short term. The 4 month long downtrend will provide serious resistance at 10.3k, and there is also heavy resistance at 11.3k. I see support for bitcoin at around 8.1k and I believe there is a chance bitcoin could flat line in price at that level. Time will tell and we will have to see how the chart plays out. i am 90% positive bitcoin will not be heading above 10.5k in the next few days and will head the opposite way.
Thanks for listening,
Colm
Comment:
Bitcoin crashed faster than i imagined. I am still bearish on bitcoin and believe that we can go down to 6k for a double bottom and maybe even more than that. (read my most recent analysis)