Last night our trade didnt really play out until a few minutes ago and looked like a bull rally, yet we just double top at 7398, which is interesting, yet retraced all the way back down to the 50ema on the hourly, which has held support and been resistance through out this market cycle. The question is now are we going to go lover?
Let's get our facts out of the way.
1. From 14k to now we been creating higher lows till are next leg down.
2. Macd as of this time is bearish
3. RSI is netrual, yet it is still up to grab so no help
4. we are in a new downward channel that was broken now, yet we fully retraced it.
5. OneCoin still has btc to sell
6. TradingView indicators are flipping bullish and bearish atm, which I would say we are in for a pretty massive move. Projected date is January 7th or could be before on the 6th.
7. Bitmain, one of the largest mining farms and distributors are laying off half of the employees. Could be a sell off in the near future to pay bills and cut project loses. I find this one interesting cause in the summer with he run up to 14k, they soldout of there new miners. Looks like insider stuff about to be bearish with Bitcoin and China due to the trade deal with USA which phase two is happen pretty soon.
8. One thing we need to keep in mind is even with the halving the stock market is having its time of its Life and with presidential candidates trying to win over Trump with the economy doing so great. It might not be good for bitcoin since Trump is againist anything that isnt the USD, so another 4 years of sideways movement could gloom over if he wins.
9. The halving should push for an upside in btc price, yet would this time be different? The problem with looking forward for a "written price increase" isn't smart financial logic if you don't read the space at its fullist. BTC trades like a forex currency with political news outside the space and between projects development. Price increase comes down to one thing, demand. I do believe the demand is there, yet sitting at over a 133bil mc is pretty crazy even in the stock market. So another 4 years of acculation very possible and buying under 7k is a great idea. Right now leverage trading at your own risk.
I still shoot for 5200 and after Sunny video a few days ago saying we been going sideways for 40days and the last we went sideways it was 70ish days. Only a month away, yet with the halving I see it sooner. Again stay safe and dont overleverage trade.
Let's get our facts out of the way.
1. From 14k to now we been creating higher lows till are next leg down.
2. Macd as of this time is bearish
3. RSI is netrual, yet it is still up to grab so no help
4. we are in a new downward channel that was broken now, yet we fully retraced it.
5. OneCoin still has btc to sell
6. TradingView indicators are flipping bullish and bearish atm, which I would say we are in for a pretty massive move. Projected date is January 7th or could be before on the 6th.
7. Bitmain, one of the largest mining farms and distributors are laying off half of the employees. Could be a sell off in the near future to pay bills and cut project loses. I find this one interesting cause in the summer with he run up to 14k, they soldout of there new miners. Looks like insider stuff about to be bearish with Bitcoin and China due to the trade deal with USA which phase two is happen pretty soon.
8. One thing we need to keep in mind is even with the halving the stock market is having its time of its Life and with presidential candidates trying to win over Trump with the economy doing so great. It might not be good for bitcoin since Trump is againist anything that isnt the USD, so another 4 years of sideways movement could gloom over if he wins.
9. The halving should push for an upside in btc price, yet would this time be different? The problem with looking forward for a "written price increase" isn't smart financial logic if you don't read the space at its fullist. BTC trades like a forex currency with political news outside the space and between projects development. Price increase comes down to one thing, demand. I do believe the demand is there, yet sitting at over a 133bil mc is pretty crazy even in the stock market. So another 4 years of acculation very possible and buying under 7k is a great idea. Right now leverage trading at your own risk.
I still shoot for 5200 and after Sunny video a few days ago saying we been going sideways for 40days and the last we went sideways it was 70ish days. Only a month away, yet with the halving I see it sooner. Again stay safe and dont overleverage trade.
