Bitcoin Technical Analysis: Bears Take Control
Yesterday I pointed out a bullish looking candle that was NOT backed up by volume. I told you to be careful as this was a sign of a bull trap. Hours later, we all heard the news of the SEC delaying the ETF decision. This sent the market into a nose dive.
I’ll keep repeating this...until new investors enter the market, bitcoin will not be able to sustain a longterm bull run. It’s not possible. You’ll know when new investors are coming in by the daily volume. When we see daily volume break $10 Billion, you’ll know a longer term bull run is underway.
Pulling out to the weekly chart, we can see price has been operating within a wedge. As bitcoin approaches the apex of this wedge, a breakout becomes more likely. In my opinion, it looks like we might see this happen sometime in late September. If price breaks below the $5,775-$5,330 demand/support zone, the next relevant support isn’t until $4,700.
In today’s video update, I discuss short and long term price movement. I give you my perspective on the overall market, tell you how I plan to trade in the short term and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
I totally don't mind the bears taking control right now.
Some of us still need some bargain bin values before the next bull.
Yes sir...might be a good time to start dollar cost averaging in.
Same old story SEC rejects or delays ETF and bitcoin goes down. I agree only a matter of time before it is approved. I also agree that institutional investors want to buy as low as possible. I've read around 3500 would be the bottom.
I believe we've had a triple bottom at around 5700 so if it goes there a fourth time does it mean bombs away to the downside is a guarantee?
I doubt $5700 will break. But anything is possible in crypto.
You’re right about that 👍
Nothing is a guarantee. That said, if price does break the prior low, there’s a very real possibility it drops to at least $5,000. But again...nothing in the market is guaranteed.
Brilliant explanation as always. I liked the percentage comparison. I'm thinking we go to 5K if i see that.
Thanks @guardian2100. We'll see...
Great analysis, you have a great point there but on my part, I'm seeing the bear continuing and a spike around the end of next month when back to school activities will be over. Anything can happen though, we just need to be prepared.
Thanks @ajongcrypto. I agree. As I said above, it looks like a spike in price will come mid to late September (next month).
Yeah, that's true!
This game is very fun. https://reurl.cc/9EGMj
Just testing timm replies. Nothing to see here
See what happens to Sir I want to reach $ 20000 by December 1?