BTCUSD update: Price has not made a new low while breaking above the 6864 previous candle high. This is a bullish sign which is especially emphasized since a long trade was called on S.C. yesterday. Now this market needs to follow through by breaking the bearish trend line and eventually taking out the 7492 level. The next relevant resistance is at the 8090 area.
The 6K psychological support is holding. The 6204 reversal boundary was never touched while price finds some support near the 6805 level which is a reversal zone boundary relative to the 7240 low. The process is slow, but the market is telling us something here. If it was majorly weak, it would not waste any time and blow through the 6K low, not hesitate. This price action can be interpreted as a decline in selling pressure, and with short interest so high, this is can lead to a serious squeeze as shorts are forced to cover and become motivated buyers.
What is lacking in this market is a significant bullish catalyst. With all of the macro economic drama, it is almost like the world is not paying attention to this market at such an attractive area. Usually in situations like this, some piece of news will hit the market unexpectedly and cause a reaction. There is no way you can measure this using technical analysis. Instead, TA helps you to position yourself to capitalize on where the market is going anyway, the news just pushes prices faster.
IF price closes above the bearish trend line in the low 7Ks, followed by a close above the 7490 level (.382 of recent bearish swing), then it will have a much better chance of reaching the 8091 to 8543 resistance zone (.618 of recent bearish swing). For those who are entering swing trades at the current level, the 8091 area serves as a good initial target to lock in some profit. If you are in a longer term trade, it makes more sense to wait for broader resistance levels in the mid 9Ks and above before locking in some profit (this all depends on what your average entry price is).
In summary, when the mainstream loses interest in a market, which often happens after a long and drawn out unfavorable environment, it is usually a good time to invest. For anyone who remembers, back in 2013, this market reached 1K for the first time and it was quite an event. Once it reached its peak, it then spent the next 2 YEARS gyrating in an uneventful, boring market that went as low as the 200s. I remember articles being written about how this market was a failure, etc. It then went to 20K as we all know. So much for being a failure. Even though we are in a much different environment with many new factors driving this market, human nature is still the same. This market in particular is a deflationary asset, which means it has a built in bias to go higher over time. Unless something seriously changes fundamentally, I am a long term buyer, especially when the market is beat up by short sighted and reactive participants.
These people are not altruistic fairies hoping crypto succeeds. The ongoing market manipulation is intended to crash the Crypto market and force capitulation. They recognized Crypto as a threat and this is how they intend to destroy it. A combination of endless regulation, FUD, attacks, dividing the community, and market manipulation tactics intended to drop the price lower and lower until most everyone who invest in Crypto over the past 6 months to a year or so give up entirely and sell their bags to wall street for dirt cheap prices at a 90%+ loss. Those people then quit crypto entirely.
Marc, under normal circumstances Bitcoin might recover and continue it's rally. But everything is being manipulated. Very powerful forces are working together to crush crypto. We are going to see the price drop back down to 2-3k within the next few months, I'm telling you.
That doesn't mean it won't rally back to new heights in the future (but it could take 2+ years like last time). Either way, I don't think we are going to see anything but a few more dead cat bounces on the slow grind back to 3k.
Wall Street and the Banks are the Enemy. Period. They want to destroy what we have built. They have manipulated the gold and silver markets effortlessly. Now they will spend billions suppressing the crypto prices for as long as they can, until they are defeated.
Good luck my fellow Bitcointards.
Tubeman
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@gfreeman, wars have been fought in the past by this same elite to keep in control. Not saying I agree with everything you said, but anyone who thinks they don't want to completely destroy Bitcoin's credibility, is very naive.
UnknownUnicorn1739048
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@Tubeman, But institutions like the SEC don't seem too aggressive actually, even if their is a global fear for the regulations to come.
therandomwalk
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@gfreeman, agree
I follow this guy because he appears so talented
The levels he chooses where action could happen are really cool. Shows a definite talent
That is just wrong in terms of choosing which side to trade
Don’t get the difference in shorting and spx contract to this because there are so many sites allowing it now
A short term trader turning into a long term “investor” because he’s stuck in some kind of loophole
But who’s language is now clearly bearish
Weird.
Take some profit bro.
Giovi6969
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Hi,
Bitcoin price is just remaining artificially "high" to delay the crash, for some reason.
If you carefully analyze last week patterns, you can clearly see the price was manipulated via small pumps to forbid the price getting lower to the 6.500$ level.
If you pay attention to true human buyers patterns, they are negative patterns, and there were almost no human buy volumes when BTC was around the 6.500-6.600 level.
After these small pumps that adjusted the price of Btc around this 6900$ range, greed started to call back some buyers;
I would remain very careful right now, even if some more incoming pumps might be on their way.
Regards,
Giorgio
BTCMarket
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@Giorgioversace, I agree, for every pump Bitcoin has price stalls then fades back down. The trend is down not up so what we are seeing imo are counter moves trying to keep price afloat and I wouldn't doubt this has something to do with mining cost; pbs.twimg.com/media/DaGwCWXUQAITBP6.jpg
If we really were bullish we would be taking out resistance levels with ease along with rising bullish volume. I'm only see a trend shift above 9k/10k.
Giovi6969
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@BTCMarket,
This pump for mining costs is exactly what i just talked about in my last TA i posted 2 minutes ago lol.
Mojito mojito, good idea sir.
marco8484
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@Giorgioversace, I agree with you. What you call pumps I believe are technical reversals, mainly bots and algos. Typically low volume. What I am missing is a high volume reversal, but at the moment I can't see anything driving this market substantially up. We could however slowly enter a sideways market, range bound trading for some while.
Shakesbear
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I say this time, we gonna wait more than 2 years for the next moon. Price gonna slowly grinding down and break all the "support" then flats out at a price for a loooooooooooooong time.
A wise man on the wall street once told me, "the real selling is on the way down ". In Nov 17, everyone was thinking the BTC is over priced at 7k and we are in a huge bubble. Now people thinking 7k is cheap and time to invest.
Now its the real distribution, make you buy at 7k thinking it will go back to 20k. But with the buyers depleted at every higher price level, and a huge economic crisis brewing in the near future. We gonna see this going to 3k more likely than 15k.
tusco92
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all time is good to buy btc but everything is overbought ... why tell to your follower to buy ...
Chart pattern say down
indicator say down
fractal say down
general trend say down
130 000 btc will be sold for cash back the old investor of mt gox
ANd you , you say up , stoch rsi bollinger band strategy say down ... everything down , you want to be divided by 2 buy guys lol ;) peace and good luck
1. Wall Street is trading Crypto futures now
2. Soros is about to start trading crypto: bloomberg.com/amp/news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge?__twitter_impression=true
3. Governments and banks are working together to crush crypto
These people are not altruistic fairies hoping crypto succeeds. The ongoing market manipulation is intended to crash the Crypto market and force capitulation. They recognized Crypto as a threat and this is how they intend to destroy it. A combination of endless regulation, FUD, attacks, dividing the community, and market manipulation tactics intended to drop the price lower and lower until most everyone who invest in Crypto over the past 6 months to a year or so give up entirely and sell their bags to wall street for dirt cheap prices at a 90%+ loss. Those people then quit crypto entirely.
Marc, under normal circumstances Bitcoin might recover and continue it's rally. But everything is being manipulated. Very powerful forces are working together to crush crypto. We are going to see the price drop back down to 2-3k within the next few months, I'm telling you.
That doesn't mean it won't rally back to new heights in the future (but it could take 2+ years like last time). Either way, I don't think we are going to see anything but a few more dead cat bounces on the slow grind back to 3k.
Wall Street and the Banks are the Enemy. Period. They want to destroy what we have built. They have manipulated the gold and silver markets effortlessly. Now they will spend billions suppressing the crypto prices for as long as they can, until they are defeated.
Good luck my fellow Bitcointards.