Hello bulls and bears! Yesterday before i went to bed i thought "let's take a closer look at Bitcoin about what's happening in the bigger picture". So everybody is so hyped that in the short term BTC is really trying to go for new highs while BTC has once again shown it couldnt break the 10k, just like it couldn't break the 11,7k from the previous bull run!
Bitcoin did break it's downtrend channel earlier at the 20th of april, but what exactly does it mean? To me it didn't mean that much and i somehow knew it was going to be difficult for the bulls to surpass the 10k. Now as of today we are back at 7.8k and it looks like a breakdown to lower lows is very likely to happen.
As you can see in my analysis above i want to mention that this is purely for educational purpose and that this analysis is very simple compared to some other people's work. I myself am in crypto trading since September 2017 so i only give you information that i know myself about Technical Analysis.
To make a long story short i still think Bitcoin will go to around 4.8k a 5k in order to really shake out all the retailtraders and create once again a nice entry for institutional traders. And don't get me wrong, institutional money has entered the market multiple times already. They simply accumulate low points in the market and seek their entries that way.
A all time high of 20k seems onlogic to me for 2018... but! It's crypto so everything can happen. I wouldn't be surprised if all of a sudden price goes to the moon again!
Also kind of proud that my previous analysis on tradingview have been pretty accurate and that many of my expectations were right! Feels good!
Hope i helped you all a little bit with this and wish you all the best of luck in trading!
Best regards,
Sem
Bitcoin did break it's downtrend channel earlier at the 20th of april, but what exactly does it mean? To me it didn't mean that much and i somehow knew it was going to be difficult for the bulls to surpass the 10k. Now as of today we are back at 7.8k and it looks like a breakdown to lower lows is very likely to happen.
As you can see in my analysis above i want to mention that this is purely for educational purpose and that this analysis is very simple compared to some other people's work. I myself am in crypto trading since September 2017 so i only give you information that i know myself about Technical Analysis.
To make a long story short i still think Bitcoin will go to around 4.8k a 5k in order to really shake out all the retailtraders and create once again a nice entry for institutional traders. And don't get me wrong, institutional money has entered the market multiple times already. They simply accumulate low points in the market and seek their entries that way.
A all time high of 20k seems onlogic to me for 2018... but! It's crypto so everything can happen. I wouldn't be surprised if all of a sudden price goes to the moon again!
Also kind of proud that my previous analysis on tradingview have been pretty accurate and that many of my expectations were right! Feels good!
Hope i helped you all a little bit with this and wish you all the best of luck in trading!
Best regards,
Sem