There is also strong demand for Bitcoin at that level, but it is evidently weakening, as shown by the consolidation at the 6k price last month.
Therefore, we may expect a true extended bear market where Bitcoin goes below 6000 for a long time, similar to 2014. Just let Bitcoin rise and short it. That would be the stress free and easy way to play this market.
I expect another round of consolidation before breaking to 6900 or just a drop below 6000 for good with 6600 as our top.
Close above 7000 (Manual)
Evidently you need to plan out your leverage so you have a good entry and a safe liquidation price. I expect Bitcoin below 5000 in a couple of months unless something crazy like the is approved or if we manage to break one of the previous highs (7300).
It is important to realize Bitcoin was around 1000 last year, and a correction to 3000 will still be a very good return. If you disagree, please tell me why in the comments below.
In the meantime, Ethereum is also a very good short, with a long term take profit going below 125. I expect a higher return from Ethereum on my short.
Doing some , almost all the altcoins have no real working product and no usage. We are still in the early adoption phase and there is much more room for growth. Despite that, most of these current projects will fail to gain adoption and some may even run out of funds, which should not be happening unless the owner did not diversify correctly. I believe DASH may face this problem.
I believe Tron will be a good pickup near the 32 satoshi level or lower although that is not very realistic. A hundred satoshi price will be more likely.
As this idea is very and those tend not to do well, I will appreciate every single thumbs up I receive.
This looks dangerous currently. This may change if we can move above 6400.
We should not be moving below 6400 now. If we do, that would be a bad sign.
We broke under 6380 and that level is currently acting as resistance. If we do not close above soon, there would be a good short opportunity with extremely low risk.
Instead of 6450, we touched 6470. Right now we are moving up to the resistance. I do not expect rejection, and instead expect consolidation below 6600.
This will take is to 6900.