BITCOIN Still Battling Down Trend Resistance On Weekly
We're looking at a battle between the $6,000 support and the down trend resistance line. Middle of November is the predicted convergence based on the support level and resistance down trend line. Obviously, we have two courses of action that are likely to happen -- bear break or bull break. It seems like the predictions are split right now between a collapse to $3,000 and a rally up to $10,000. My sentiment is in between right now.
Weekly and daily RSI is upper 40's and pretty flat, giving way to indecision in the market right now.
No matter how you look at it, Bitcoin action is getting very, very tight. Typically, this type of longer stabilization establishes a floor and regains confidence in bull perspective. On the flip side, we're seeing consolidation which typically breaks in the direction prior to entering consolidation.
Hope everyone has a great Friday ahead. Stay safe!
Good stuff here , Thanks for posting
thanks!
I can't see Bitcoin dropping to 3,000 right now. I know this is a bearish market however I see other blockchains probably not surviving for too long. I think some of the newbie traders last year are going to be coming back looking to invest in blockchains that actually have launched successful dapps or platforms. Established and reliable. It would be nice to see people just hold their damn altcoins for a while and stabilize the prices and actually make the tokens and coins worth having lol. This is why I like the idea of social mining and staking. I personally see bitcoin at around 8,500 before December. Projects with working dapps/prototypes/platforms that provide real use cases are going to have a decent Q4 2018.
realistically I don't either. Lots of bad stuff would need to happen. $5k, yes -- I can see that. That was actually my target at the beginning of the year. However, I think this potentially could be a low and we'll see longer stabilization before a new bull rally. It will be slow just like it was 2015-2016