Bitcoin (BTCUSD) now continues trading fully below EMA10 and EMA50... This is a disaster waiting to happen.
Just as we consider strongly bullish to see prices move above EMA50 on the daily timeframe, the same is true for the inverse scenario.
We had BTCUSD play with this level for several weeks and it is now staying below it while additional volume is being lost.
We can only consider a bullish scenario if prices move up above these two indicators which are now sitting at $9191 and $9206... short-term.
For a long-term view, we would need to see Bitcoin above $10,500 for the bulls to move ahead... But instead, the prices of this cryptocurrency king is sitting below EMA50 and EMA10...
I just look at the monthly timeframe for Bitcoin for the first time in many months... Here I am predicting a potential drop to $8500 and even lower depending on how it goes...
Amazing how they love you until you start telling of potential downside, huh? Then you're just a FUDder.
I made friends with someone at a large Chinese exchange. Am being told that with the split at Bitmain, they and the major miners have an agreement to keep the price between here and 9700 for another two months. All BTC is doing right now if filling gaps, liquidating longs and shorts for the trip.
Gaengphed
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@Jeff_Cryptopop, I think too that price is going to remain at this level for some time and then slowly going up. Also someone pointed out that if another dump happens, like say to 8500-8000 many will jump in wit margin longs at Exchanges. Which at some point in time are going to be cashed in and these exchanges might go belly up. So it could also be that those exchanges are not going to let that happen.
I believe if we that story. If we do get a drop it will be around 8900. In any which way...8900 / 8500 / 7000 ... who isn't going to buy at these levels... ;-)
frosenfors
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@Gaengphed, Maybe you should spend an hour or two educating yourself on financial instruments and try to understand the contract that governs a margin position.
Any exchange that would face such a destiny from the scenario you describe is offering a 100% malfunctioning margin product and had gone out of business in a matter of hours.
Cheers.
And yes... Sharing bearish Bitcoin is not something that many like in this market... But it is what it is... We only read the charts.
Thanks a lot for your comment.
Namaste.
AlanSantana
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@Jeff_Cryptopop, If Bitcoin goes sideways for 2 months the altcoins market will grow 10X.
Jeff_Cryptopop
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@alanmasters, And it very well might. I am a tad reluctant though. I believe the original plan was between 9400-9700 but now it's lost ground and can't seem to close above 9260. It shows that it already isn't working. According to my friend, the last time BTC dropped into the 8000s, half of Bitmain's equipment orders were canceled or returned. They don't want to see that happen again. Plus right now it cost approx $7200 to mine one Bitcoin for anyone without senior status. So manipulations are the "best laid plans..." but typically don't end well. When it fails, it's always much worse.
AlanSantana
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@Jeff_Cryptopop, Yes... And now I just looked at BTCEUR and it is already at EMA100 on the daily... if BTCUSD follows we are going lower for sure.
Most likely they can't manipulate the price this much.
I made friends with someone at a large Chinese exchange. Am being told that with the split at Bitmain, they and the major miners have an agreement to keep the price between here and 9700 for another two months. All BTC is doing right now if filling gaps, liquidating longs and shorts for the trip.