Everyone has been patiently waiting for what was to always come. Here I will explain the inevitable position of BTC. Where is the bounce is the biggest question clearly there are a lot of people waiting for an entry on a short position, you need to know this.
Currently the market cap is down to $290 Billion dollars, just 1 week ago when I posted we were at $350 billion dollars. We are down form $850 billion dollars, we expect this money to come back to the market and when this happens we will see a retirement bull run as we are all prepared.
Bitcoin had a market dominance of 42% just a week ago now its up to 45% so billions this doesn't mean people are buying BTC and it's getting stronger it just displays the money that it falling out of the market is also on other alt coins such as ETH, LTC etc which you all have trending own and money are falling out of them coins faster then the BTC making Bitcoin more dominant in the market. So all this shows is bitcoin is a choose of hold over other Alts.... you already knew that didn't you.
A lot of people see the above as a sign of strength for the Bitcoin and it is in the sense of holding merit in the fact its the most dominant coin but as for it showing the BTC turning we aren't seeing any more daily volume we are still seeing less, its still being sold faster then its bought. Swing traders are aiding our fall and slowing the process of reaching areas we need to bounce.
We want the BTC down into a buyers market because at this point we will see money pour into Crypto market overall, the week we see the market cap lifting is the day we can expect to go into consolidation and be ready to go back into a bullzone..
Some people were posting crypto is ending its all over, what a joke that is......... still to this day crypto is a 290 Billion dollar market, all we are seeing is a correction.
If you jump to a daily chart on BTC with a 200SMA (200 day) you will see the underlying trend of BTC is still upward and its never changed, on the weekly chart we have never entered an oversold region.
Below is the weekly chart BTC has been rallying since September 2015, we haven't crossed below 45 on the RSI since then, I think this can be used as a good indicator on the market for our bounce the RSI is running at 46 now and you will see its become level when we touch around 45 we will see a bounce it won't make it into a bearish zone.
We have a bounce coming up and I believe it will be on 1 of the blue targets, however you wouldn't enter on these until we see a bounce, watch the 24 hour volume of BTC to confirm volume is there to support the bounce. Don't base it off the 1H candles or something like you might, as for all you know Donald Trump is just having a play on BTC you need real confirmation to enter the market. Unless your swing trading then these small bounces can be great.
Your long holds expect them to be king down 10% per week there are only a few coins that aren't, the market is dropping 10% per week so quite common for coins to do this.
I want you to see in related articles a couple of charts I have done recently that will support the above with timelines.
I think within the next 7 days we will now see the bounce we have all been waiting for as on the weekly the BTC is getting tired and the $600 billion dollars that has been pulled out of crypto will be itching to get that money to work again.
Target 1 keep in mind is the .786 fib so this may be the level but lets see.
I will add further targets on this chart if its required I will be watching at the moment first target is the blue line this may take time as we do have small buys coming in at the 7500 region expect to bounce a while.
Cash Is King! Lets make plenty of it.
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On way to second target we are currently bouncing off the 200SMA... jump to the 1D chart to see.
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I have added a third target incase we don't see the bounce on target 2.
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Target 2 has been hit
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BTC/USD the bottom of this 4H candle i expect to see a bounce, it may not be the reversal but it will bounce out of oversold.
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We have had our bounce and looks like we may see another but once again it doesnt look to be the reversal this will happen lower again
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You can see yet again we have retested the 7200 resistance, unlikely to close over this on the 4H but if we were to it would be a long with target of 8200....
More then likely we will return back to 6700 level based off current indicators.
Thanks for sharing, @Cash-is-King , I follow lot's of people here and you are one of few good ones that actually get results. Some other bozoz here, like that magicpoop teenager is fucking with the newbies and they don't even notice, they follow him for the show of juvenile words.
On the comments below I've seen some people asking questions (despite what it seems to me a very straight forward chart and explanation) so let me put here, in two short paragraphs, what I got from your explanation to help those with less experience who are not so sure of what you meant, and if I'm wrong in anything please correct me so we can have this (even more) clear for all traders, new and old ones:
1) BTC is correcting. It's not a crash. It's a caorrection.
Zoom out (that means to look at bigger time frames, like cash-is-king did when he looked at the weekly chart) and you'll see it's just a consolidation after the huge run at the end of 2017. For comparisson take a look (in smaller timeframes) at some alt coins like, TRX, charts at around early january, or any other alt-coin (TRX has many haters, i know, but many fans as well) that had a huge bull run recently. Look at what happened to the charts of such alt-coins. They (lets look at TRX for the momment) went up really high and fast, and inevitably they fell back down a lot since then and have been consolidating and waiting for the next run, which is happening already for some alts. That's why I took TRX as an example, many people said it was all over after that huge run in early january and look at it now.
Cryptos are here to stay! Deal with it! lol
2) The targets: The main targets on the chart are the blue dotted lines: (I'm talking about the 1st chart, 240, on the top of this idea)
First target is 7228k (top blue line) and second is 6698k (lower blue line). This are the main targets where we expect the real bounce to happen. If BTC falls through the first one you can expect the second one to be reached. A temporary bounce might happen ( it happening as I write this!) at around 7500, (round numbers always cause an impact) and, in my own oppinion, at 7300 and 7000. But these last two cash-is-king did not write on the charts, they're my own "guesses". If you wanna swing trade a bit you can go for these numbers. But i't's not so easy, so becarefull!
Some alt-coins are having bull runs right now, which I believe is a strong sign that many traders (specially asians, as most of these coins going up right now are from asian companies) are expecting a bounce from BTC at any momment, which will trigger even stronger bull runs on this alts, so they are already taking their positions. I am considering doing that right now as well, at least with part of my capital.
With all the positive news coming out in the last few weeks like friendly legislation from major countries, banks embracing crypto, traditional financial institutions that were against crypto untill now starting to fall into the mantra "if you can't beat them, join them" it is pretty obvious that crypto-markets are brewing a come back, a huge bull run that will make late 2017 bull run look like a small underdevoloped little brother of what is to come.
Hope that helps people who are not sure of what is going on!
Cheers Mr. Cash, thanks for your knowledge sharing!
Cash-is-King
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@Rico_Pereira, good write up and thanks for taking the time to comment. I hope we get our bull run soon wouldn't it be lovely as we have been seated for a while.