$BTC fall is not over yet in my opinion.
The cross will likely turn bull temporarily to let the market brethe but will soon revert into the third wave and the cross could lose another 20% or more till it reaches its next support level around 8000$.
From there, even if it is too early for a "prediction", seems like the market could return bull since the chart is forming a sort of bearish Gartley.
Foundamentally speaking seems like governments (China, South Korea and even France) are more and more trying to "hard" regulate the crypto market and especially exchanges. This is not entirely a bad thing if you think about it. Putting your money at stake in highly unregulated exchanges where liquidity is not granted, may put investor at an even higher risk than investing in an highly volatile market. Although big players (professionals) are into the market we need to take into consideration that lots of small unexperienced investors joined it given the hype around such a commodity. There are lots of money at stake in the market and a crash or the failure of some exchanges can create a contagion effect that will hurt the economy as a whole. Be advised.
As usual, this is not a trading advise, just my idea and analysis.
The cross will likely turn bull temporarily to let the market brethe but will soon revert into the third wave and the cross could lose another 20% or more till it reaches its next support level around 8000$.
From there, even if it is too early for a "prediction", seems like the market could return bull since the chart is forming a sort of bearish Gartley.
Foundamentally speaking seems like governments (China, South Korea and even France) are more and more trying to "hard" regulate the crypto market and especially exchanges. This is not entirely a bad thing if you think about it. Putting your money at stake in highly unregulated exchanges where liquidity is not granted, may put investor at an even higher risk than investing in an highly volatile market. Although big players (professionals) are into the market we need to take into consideration that lots of small unexperienced investors joined it given the hype around such a commodity. There are lots of money at stake in the market and a crash or the failure of some exchanges can create a contagion effect that will hurt the economy as a whole. Be advised.
As usual, this is not a trading advise, just my idea and analysis.
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We're gonna hit those 8k!
NOT.OVER.YET.
NOT.OVER.YET.
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As I kept sayin' ....NOT OVER YET!
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Well, I stand with target reached (8060 on Bitstamp) altough the current market conditions will call for an even lower retracement. 8k is a difficult psycological barrier but, once completely cleared it will be limitless.
Thanks to all who followed my idea.
Thanks to all who followed my idea.
Although BTC seems to bounce I don't think this is over yet!
I think it's a dead cat bounce and the market might be accumulating before another drop.
During this phase prices might even reach 12k but we're still in the bearish channel.