As many of you know the market has been due for a correction for a while, the growth of bitcoin has been far from natural in these past six months.
TA:
BTC broke trend line and has successfully formed h&s pattern.
With a lack of volume in the following hours we could see BTC heading down to lower support levels and probably finding itself at it's first significant support level at around 13,000 or we can even fall to lower levels. (We're getting considerably lower volume levels right now which is never a good signal, there's always a calm before the storm)
FA & SA:
Bitcoin's archenemy BCH has just been added to Coinbase, dragging out a lot of volume from the whole market. Bitcoin has been increasingly been falling under scrutiny under the past months due to a "useless" dev team. We had the miner attack on the BTC network a while back where miners have jumped boat and hopped on bch. In fact , Bitmain the leading manufacturer in bitcoin asic miners now only accepts BCH as a form of payment as the Bitcoin network has been rendered close to useless due to high fees and extremely long tx times.
We also have to understand that bitcoin is the pioneer of this market, the fall of the giant could mean a loss of trust on the cryptomarket and could stun the growth of the market. People are always scared of change specially those that are too comfortable with the way things are going, or have high staking in certain assets. This doesn't mean if this chart unfolds accordingly the market will be gone forever, at the contrary we will see lower entries for these cryptos.
This is all based on my deductions, but if you have a quick glance at the market domination of bitcoin you will notice that this might be the beginning of this correction.
prntscr.com/hqdfhj
Conclusion:
At the end of the day bitcoin is another breed of animal we had yet to tame, it has proven to me over time that it can wipe its ass with all TA in the world. These are just my thoughts on the current situation, and what the chart tells me.
TA:
BTC broke trend line and has successfully formed h&s pattern.
With a lack of volume in the following hours we could see BTC heading down to lower support levels and probably finding itself at it's first significant support level at around 13,000 or we can even fall to lower levels. (We're getting considerably lower volume levels right now which is never a good signal, there's always a calm before the storm)
FA & SA:
Bitcoin's archenemy BCH has just been added to Coinbase, dragging out a lot of volume from the whole market. Bitcoin has been increasingly been falling under scrutiny under the past months due to a "useless" dev team. We had the miner attack on the BTC network a while back where miners have jumped boat and hopped on bch. In fact , Bitmain the leading manufacturer in bitcoin asic miners now only accepts BCH as a form of payment as the Bitcoin network has been rendered close to useless due to high fees and extremely long tx times.
We also have to understand that bitcoin is the pioneer of this market, the fall of the giant could mean a loss of trust on the cryptomarket and could stun the growth of the market. People are always scared of change specially those that are too comfortable with the way things are going, or have high staking in certain assets. This doesn't mean if this chart unfolds accordingly the market will be gone forever, at the contrary we will see lower entries for these cryptos.
This is all based on my deductions, but if you have a quick glance at the market domination of bitcoin you will notice that this might be the beginning of this correction.
prntscr.com/hqdfhj
Conclusion:
At the end of the day bitcoin is another breed of animal we had yet to tame, it has proven to me over time that it can wipe its ass with all TA in the world. These are just my thoughts on the current situation, and what the chart tells me.
