Bitcoin remains one of the most infatuated digital currencies on the planet, and for good reasons; the cryptocurrency has routinely seized global headlines and refused to let go, enrapturing a global audience with the way its valuation routinely soars, only to plunge a few days later. Thus far, 2018 has been a less-than-stellar year for Bitcoin, and many analysts and would-be coin investors are beginning to scratch their heads as they attempt to figure out just why Bitcoin has plunged yet again
FUNDAMENTALS CAUSES
1.The SEC is still after Bitcoin's tail !
It’s no secret that Bitcoin’s valuation plunged earlier this year after the SEC warned it would be taking a harsher stance towards cryptocurrencies in general. Thus far, the cryptocurrency has remained mired in controversy when it comes to grappling with central banks and governmental authorities, as the relatively regulation-and-scrutiny-free nature of Bitcoin has remained both one of its greatest allures to investors and one of its greatest pains to governments in charge of managing markets. Speculation that Bitcoin may be losing out to some altcoins, too, has led many investors to clutch their money close to their chest instead of throwing it behind the world’s most popular digital currency.
2.The days of positive press have passed!
Bitcoin’s once-impressive valuation, which at one point seemed like it would never stop soaring, was in many ways buoyed by the positive press the cryptocurrency enjoyed around the world after its historic rise to global prominence. These days, however, the media coverage surrounding Bitcoin isn’t always so positive; news that money-laundering rings are utilizing Bitcoin to cover up illicit drug money looks quite bad for the cryptocurrency, for instance, and could stand to drive many newcomers to the virtual asset away.
TECHNICALS OBSERVATIONS
1.We have a very good support at 6.500$ level per Bitcoin which is obvious at 1Hour chart.
2.We can see that every time buyers tried to move price higher strong selling pressure came in.
3.We have similar rallies with lower volume something that implies that bigger drop may come soon.
4.As we can see at the chart evrytime we had a rally RSI gave very good trade opportunities either with bearish divergence or entrring the overbought levels.
5.Ichimoku clouds on 1hour chart do not give us very good support-resistance signs as everytime the price moved up,it broke them easily and the opposite as well that's why is better to look ichimoku on 4hours or daily for better signals.
6.We can see the angle of each trendline of the three rallies and it's pretty clear that we have a decreasing momentum of those moves,fact which favors the short scenario of the previous article(attached below).
POSSIBLE SHORT TRADE
ENTRY AT RSI OVERBOUGHT LEVELS OR BEARISH DIVERGENCE PLUS BREAK OF THE CURRENT TRENDLINE!
BUY STOP AT 7.200$ ABOVE PREVIOUS HIGHS
TARGET 1 AT 6.500$ LEVEL
TARGET 2 AT 6.000$ LEVEL
KEEP FOLLOWING FOR MORE PROFITS!
DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION!
THANK YOU FOR SUPPORT!
FUNDAMENTALS CAUSES
1.The SEC is still after Bitcoin's tail !
It’s no secret that Bitcoin’s valuation plunged earlier this year after the SEC warned it would be taking a harsher stance towards cryptocurrencies in general. Thus far, the cryptocurrency has remained mired in controversy when it comes to grappling with central banks and governmental authorities, as the relatively regulation-and-scrutiny-free nature of Bitcoin has remained both one of its greatest allures to investors and one of its greatest pains to governments in charge of managing markets. Speculation that Bitcoin may be losing out to some altcoins, too, has led many investors to clutch their money close to their chest instead of throwing it behind the world’s most popular digital currency.
2.The days of positive press have passed!
Bitcoin’s once-impressive valuation, which at one point seemed like it would never stop soaring, was in many ways buoyed by the positive press the cryptocurrency enjoyed around the world after its historic rise to global prominence. These days, however, the media coverage surrounding Bitcoin isn’t always so positive; news that money-laundering rings are utilizing Bitcoin to cover up illicit drug money looks quite bad for the cryptocurrency, for instance, and could stand to drive many newcomers to the virtual asset away.
TECHNICALS OBSERVATIONS
1.We have a very good support at 6.500$ level per Bitcoin which is obvious at 1Hour chart.
2.We can see that every time buyers tried to move price higher strong selling pressure came in.
3.We have similar rallies with lower volume something that implies that bigger drop may come soon.
4.As we can see at the chart evrytime we had a rally RSI gave very good trade opportunities either with bearish divergence or entrring the overbought levels.
5.Ichimoku clouds on 1hour chart do not give us very good support-resistance signs as everytime the price moved up,it broke them easily and the opposite as well that's why is better to look ichimoku on 4hours or daily for better signals.
6.We can see the angle of each trendline of the three rallies and it's pretty clear that we have a decreasing momentum of those moves,fact which favors the short scenario of the previous article(attached below).
POSSIBLE SHORT TRADE
ENTRY AT RSI OVERBOUGHT LEVELS OR BEARISH DIVERGENCE PLUS BREAK OF THE CURRENT TRENDLINE!
BUY STOP AT 7.200$ ABOVE PREVIOUS HIGHS
TARGET 1 AT 6.500$ LEVEL
TARGET 2 AT 6.000$ LEVEL
KEEP FOLLOWING FOR MORE PROFITS!
DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION!
THANK YOU FOR SUPPORT!
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Trade never triggered...
