Crypto Analysis Report 10-8-18 Bitcoin...Do You Agree With Mike Novogratz???
It's been over a month since I last posted about Bitcoin,
Price breached my 4 hr demand zones like they weren't even there.
But since that time, Bitcoin has been trading in a range which continues to narrow and at some point, price is going to break out to the upside or downside.
Last month Mike Novogratz called the bottom of the Bitcoin bear market. This past week, at the Economist Finance Disrupted conference in New York, he stated that he does not expect Bitcoin to surpass $9000 this year because institutional investors need to sell to pay for operational expenses. However, he thinks in the first quarter of next year, things will really start moving up because more institutions will jump on board because of FOMO.
Mike has been wrong before, but he's one of very few people in the Crypto space I listen too. Mike is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group, was a partner at Goldman Sachs and was ranked a billionaire by Forbes in 2007 and 2008.
And because I try to follow the Smart Money on the Charts, Mike to me represent Smart Money for the Crypto space and represents the direct linkage to Wall Street and the schemes they are planning as it pertains to Cryptocurrencies.
Mike thinks $6800 is a crucial level. I can see why he picked that level as that level serves as resistance and previous support.
I think the crucial level is the bull trap at $7700. The last major sell level was near $7300. If we break out to the upside and breach the $7300 level, price is going to have a hard time getting past $7700. However, if price can breach through the $7700 level, I think the narrative changes completely. I also think if that $7700 level is breached, it will confirm a new uptrend on the daily chart.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
Bitcoin is playing the BORING WAITING GAME right now...so I play steemmonsters :)
LOL.
exactly my friend.
I agree on those top side resistance levels however I am more concerned on how weak or strong the support is below as it could go either way short term.
That's a very good comment. As traders, we only need to be concern by how much we can lose because the profits will take care of themselves. Lets see if the $6k level is the actual bottom.
Great one, we might have an alto in breakout before BTC decide to move.
Let’s hope « Mikey » is right :).
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Time will tell, but I like the odds.
good work!
Thanks @yankee-statman ...keep up the great work as well.