Snap Crypto Update - 6100 support holding
Friday 13/07/2019, 19:20CET
#BTC has just retested 6100 USD. Exactly as predicted by @vyvanse in the comments in my last post.
Lest look at the chart and see how we enter the weekend in the market...
btcusd 1h -[bitstamp]
As you can see we had a breakdown to the 6100 USD level yesterday morning CET which probably rattled a lot of fresh bulls out there who have no idea of chart analysis. We stayed down there for the next 18 or so hours and then caught a bid early this morning to bring us back to the 6250 USD handle.
In my last post I was feeling the first twitches of optimism by the rising volumes, but that has since been erased and we are back to our "running on empty market". We are looking at Bitstamp today but Bitfinex is showing all the same signs.
What I can see here is that we have poked our head again above the 21hma. Our short term momentum indicator. We have been trading under it since the 9th, so this is nice to see.
As I said in my last post, many of my stop losses were triggered in this most recent drop so I sit on the sidelines with my speculative capital waiting for more serious signs of a bull.
In the background...
I won't go into this in depth but we are really now getting some serious background noise from the institutional channels about entries into the crypto world. CBOE futures chatter and large hedge funds all laying their groundwork for entry. I feel we will look back at these early summer days with longing when BTC could still be bought in the low 6k range. Of all the bull runs I have seen in btc, this time is the first I have been the most sure that we will have a run again. When and how strong is a fools errand to predict, but it will happen.
For all of you who watch from the sidelines, I suggest do your reading and get your groundwork in place now. Learn how to manage your own custodianship of tokens, i.e. manage private keys properly.
Run some test transactions with a little btc to get a feel of what a transaction entails and looks like.
The biggest problem that was faced by the FOMO crowd in last 2017 was: they had no idea of how to be safe with cryptos. Many of them fell victim to either scams, hacks, or lost coins through their own lack of understanding of the tech.
This time around, there will be whales in the pond. Mark my words. We will be playing with the big boys this time ladies and gentlemen, and they take no prisoners.
My prediction, and I'm pretty sure of this now, 6k is going to be our long term floor. Some months or a year from now, 6k will be looked back as a bargain for a #bitcoin.
As always have fun, relax and trade safe
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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Good análisis. I think the same way, we may get a sudden and short dip below 6k, but then all whales will gobble up the sellers and we'll be back up again.