BradMatheny
Short

Huge breakdown setting up in BitCoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I would no be surprised to see a massive breakdown in Bitcoin price with a retest of levels below $6k here soon. There is been almost no upside momentum over the past 3+ months and I can't see anything driving a massive bullish run in this crypto. If you are holding Bitcoin and a true believer, then get ready for a big ride lower. I believe the $4700 to $4900 level is right around the corner.
After deep consideration of the data this is my thoughts strictly from TA perspective.
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yep i agree, we need to go lower first, and i mean a fair bit lower then the lowest low of this year.
got my eye on the 4.5k mark.
that is the only way we can go up, at the 6k bottom we hit multiple times we are not picking up enough traction, that will be the same if we stop at 6k this time.
maybe even resulting in a flat market for the rest of the year if we don't succeed this time
+1 Reply
manjotsbajwa cryptodreamer79
@cryptodreamer79, i agree too. We need to test 4500 region before we can start another bull run. When do you think we will break 6k?
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cryptodreamer79 manjotsbajwa
@manjotsbajwa, i think it has to hapen before say mid october. If not there will be no big bullrun in 2018 and the flat trend will continue the rest of the year
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Perma-bulls have resorted to insults and name calling in the last month or so, as if I have something to do with it going down. Oh well, they can do nothing about it either. I'll let them panic sell me their coins at the bottom.

No FOMO. :))
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BradMatheny Jeff_Cryptopop
@Jeff_Cryptopop, I've run into the same group. Seems they feel yelling at people will make the price go up. Uh well.
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justDave BradMatheny
@BradMatheny, with Fed tightening monetary policy and stronger dollar I don't see where we are going to find enough capital for new bull run, in tight monetary policy capital flees speculative and risky assets. I am afraid
we will experience prolonged bear market.
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