Quick technical analysis:
It has been a week since topping at 10.8k, Bitcoin continues to show consolidation in a tighter range. The price struggles to top 10.6k but a strong rebound comes into play when hitting 10k or below.
No progress has been made so far but it has shown strength of recovering from 10k mark. Indicators still show conflicts between bullish and bearish market. However, strong evident of buyers’ confidence have been stepping in below 10k as price action shows long wicks in the past 10 days.
As mentioned in the previous article, there are two scenarios could happen as lower support of 8.3k plays out if 10k support could not hold. For now, price action still struggles within 5% volatility around 10k mark. Be patient, wait for a clear setup and hunt crocodiles!
Overall market outlook:
In a broader view, Bitcoin is still bullish as it is going through second wave of correction. With an aggressive first wave from 3k to 14k, we expected this correction to be long-lasting and highly volatile; and God, the market never disappoints us!
We often see lots of “noises” out there calling Bitcoin as Ponzi scheme or quickly changing opinion when the market turns against them. They simply chase the market with no specific strategy and belief.
Bitcoin is extremely volatile. Having said that, a sharp fall/correction comes after wild bullish run is inevitable. We are here to take advantage of the volatility so embrace it! This ain’t for the faint-hearted.
Alt-coins outlook:
In the last bull run, we have seen a huge differentiation between coins. Bitcoin, Ethereum, Litecoin were ones of the best-performing. Others like Ripple, Verge, EOS were having a modest run. Early accumulation stage preferably takes place for coins that have large market cap and are highly liquidated.
Ripple and Verge have been testing its 2018 bottom and is in ranging market. We expect to see sideway taking place until fresh money starts coming into the market.
Like a coil spring that has been compressed from time to time, it will bounce even taller than its height. Sometimes, all it takes is patience!
It has been a week since topping at 10.8k, Bitcoin continues to show consolidation in a tighter range. The price struggles to top 10.6k but a strong rebound comes into play when hitting 10k or below.
No progress has been made so far but it has shown strength of recovering from 10k mark. Indicators still show conflicts between bullish and bearish market. However, strong evident of buyers’ confidence have been stepping in below 10k as price action shows long wicks in the past 10 days.
As mentioned in the previous article, there are two scenarios could happen as lower support of 8.3k plays out if 10k support could not hold. For now, price action still struggles within 5% volatility around 10k mark. Be patient, wait for a clear setup and hunt crocodiles!
Overall market outlook:
In a broader view, Bitcoin is still bullish as it is going through second wave of correction. With an aggressive first wave from 3k to 14k, we expected this correction to be long-lasting and highly volatile; and God, the market never disappoints us!
We often see lots of “noises” out there calling Bitcoin as Ponzi scheme or quickly changing opinion when the market turns against them. They simply chase the market with no specific strategy and belief.
Bitcoin is extremely volatile. Having said that, a sharp fall/correction comes after wild bullish run is inevitable. We are here to take advantage of the volatility so embrace it! This ain’t for the faint-hearted.
Alt-coins outlook:
In the last bull run, we have seen a huge differentiation between coins. Bitcoin, Ethereum, Litecoin were ones of the best-performing. Others like Ripple, Verge, EOS were having a modest run. Early accumulation stage preferably takes place for coins that have large market cap and are highly liquidated.
Ripple and Verge have been testing its 2018 bottom and is in ranging market. We expect to see sideway taking place until fresh money starts coming into the market.
Like a coil spring that has been compressed from time to time, it will bounce even taller than its height. Sometimes, all it takes is patience!
