Follow this Chart! Put your mind at ease.....Everyone has been patiently waiting for what was to always come. Here I will explain the inevitable position of BTC. Where is the bounce is the biggest question clearly there are a lot of people waiting for an entry on a short position, you need to know this.
Currently the market cap is down to $290 Billion dollars, just 1 week ago when I posted we were at $350 billion dollars. We are down form $850 billion dollars, we expect this money to come back to the market and when this happens we will see a retirement bull run as we are all prepared.
Bitcoin had a market dominance of 42% just a week ago now its up to 45% so billions this doesn't mean people are buying BTC and it's getting stronger it just displays the money that it falling out of the market is also on other alt coins such as ETH, LTC etc which you all have trending own and money are falling out of them coins faster then the BTC making Bitcoin more dominant in the market. So all this shows is bitcoin is a choose of hold over other Alts.... you already knew that didn't you.
A lot of people see the above as a sign of strength for the Bitcoin and it is in the sense of holding merit in the fact its the most dominant coin but as for it showing the BTC turning we aren't seeing any more daily volume we are still seeing less, its still being sold faster then its bought. Swing traders are aiding our fall and slowing the process of reaching areas we need to bounce.
We want the BTC down into a buyers market because at this point we will see money pour into Crypto market overall, the week we see the market cap lifting is the day we can expect to go into consolidation and be ready to go back into a bullzone..
Some people were posting crypto is ending its all over, what a joke that is......... still to this day crypto is a 290 Billion dollar market, all we are seeing is a correction.
If you jump to a daily chart on BTC with a 200SMA (200 day) you will see the underlying trend of BTC is still upward and its never changed, on the weekly chart we have never entered an oversold region.
Below is the weekly chart BTC has been rallying since September 2015, we haven't crossed below 45 on the RSI since then, I think this can be used as a good indicator on the market for our bounce the RSI is running at 46 now and you will see its become level when we touch around 45 we will see a bounce it won't make it into a bearish zone.
We have a bounce coming up and I believe it will be on 1 of the blue targets, however you wouldn't enter on these until we see a bounce, watch the 24 hour volume of BTC to confirm volume is there to support the bounce. Don't base it off the 1H candles or something like you might, as for all you know Donald Trump is just having a play on BTC you need real confirmation to enter the market. Unless your swing trading then these small bounces can be great.
Your long holds expect them to be king down 10% per week there are only a few coins that aren't, the market is dropping 10% per week so quite common for coins to do this.
I want you to see in related articles a couple of charts I have done recently that will support the above with timelines.
I think within the next 7 days we will now see the bounce we have all been waiting for as on the weekly the BTC is getting tired and the $600 billion dollars that has been pulled out of crypto will be itching to get that money to work again.
Target 1 keep in mind is the .786 fib so this may be the level but lets see.
I will add further targets on this chart if its required I will be watching at the moment first target is the blue line this may take time as we do have small buys coming in at the 7500 region expect to bounce a while.
Cash Is King! Lets make plenty of it.
