BTC Short - An amateur point of view.
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Welcome one and welcome all to this AMATEUR HOUR analysis on Bitcoin! My goal by the end of 2018 is to help spread equal wealth among the planet by spreading the TRUTH about what I see in the market!
First thing is first. Stop panicking, it's not helping matters any. All it is doing is helping whales and institutional investors accumulate. By letting them accumulate we are slowly shifting the power back from us, to them. Not good!
Secondly, realize and accept the truth of the matter: This market is manipulated by money the average joe couldn't even fathom having. It is ALL cyclical. The fall from BTC's all time high was not caused due to market panic. The fall from BTC's all time high was fabricated, in my opinion. We recently had news about the Mt. Gox funds being dumped into the market, which only added fuel to the fire. My theory is that insitutional money strengthened the dump of BTC when they noticed a way to finally get in for cheap. We are no longer fish in a pond. We are mere minnows in an Ocean the size of Pluto.
Recap of events in the past two months:
-US Stock Market took a shit around the same time the highest buy volume to be seen in BTC for a year-ish showed up, between 2/2/18 and 2/8/18.
-Mt. Gox Trustee dumped 400M worth of BTC into the market.
-Binance API was attacked causing a mass selloff of BTC.
-Google banned Crypto Ads.
-Every nation on earth practically was threatening regulation, especially South Korea and China.
-Huge names in the financial industry were spreading FUD that Bitcoin would soon die.
-Tons of TA I saw in the last month was all pointing to a new low, still is.
-The average Joe(stupid money) who helped PUMP BTC lost their ass, sold for a loss, and added to the DUMP of BTC.
The general market sentiment is that things are bad, really bad. Yet if you notice- alts have slowly been rising from the ashes. Why would BTC dump but alts are trying to regain life?
Everyone smart enough to see this coming sold OUT of BTC during the dips, and INTO alts. Then went in reverse when the sentiment changed.
Speaking of general market sentiment, why HAVEN'T we hit 6k again for a 'true double bottom'? With all the FUD that's been going on, I find it a miracle that BTC has kept this much value, when getting down to 6k in the first place was a piece of cake. Other analysts are starting to feel the same way.
So, what do we look for moving ahead?
BTC today needs to hold a value of at least $7,550. Breaking decisively underneath that target will take us down a leg lower, to the 7k or possibly high 6k region. Worse, 5.5k or lower.
I do not see that happening however, as BTC has massive support building underneath $7,500 and a fairly strong new support at 8k which we are almost certain to re-test at some point in the next few hours. Keep a close eye on the 8k to 8.5k region.
BTC today needs to decisively close at, or break a value of at least $8,550.00. Failure to close the daily on or near this resistance will also likely send us down to the aforementioned leg(s) lower.
If we break out, I see a strong possible target of $9,160.00 or higher. Although a very slim chance, we could potentially see 10k again by tonight or tomorrow, with a decisive close above $10,060.
Like it or not- BTC is king of Crypto, and I feel that will not change for at least the rest of this year.
This is not financial advice. DYOR as I am just a simple amateur hour goldfish in an ocean of whales.
For long-term targets I invite you to follow and check out the longer-term projection I will have available for BTC in about an hour.
First thing is first. Stop panicking, it's not helping matters any. All it is doing is helping whales and institutional investors accumulate. By letting them accumulate we are slowly shifting the power back from us, to them. Not good!
Secondly, realize and accept the truth of the matter: This market is manipulated by money the average joe couldn't even fathom having. It is ALL cyclical. The fall from BTC's all time high was not caused due to market panic. The fall from BTC's all time high was fabricated, in my opinion. We recently had news about the Mt. Gox funds being dumped into the market, which only added fuel to the fire. My theory is that insitutional money strengthened the dump of BTC when they noticed a way to finally get in for cheap. We are no longer fish in a pond. We are mere minnows in an Ocean the size of Pluto.
Recap of events in the past two months:
-US Stock Market took a shit around the same time the highest buy volume to be seen in BTC for a year-ish showed up, between 2/2/18 and 2/8/18.
-Mt. Gox Trustee dumped 400M worth of BTC into the market.
-Binance API was attacked causing a mass selloff of BTC.
-Google banned Crypto Ads.
-Every nation on earth practically was threatening regulation, especially South Korea and China.
-Huge names in the financial industry were spreading FUD that Bitcoin would soon die.
-Tons of TA I saw in the last month was all pointing to a new low, still is.
-The average Joe(stupid money) who helped PUMP BTC lost their ass, sold for a loss, and added to the DUMP of BTC.
The general market sentiment is that things are bad, really bad. Yet if you notice- alts have slowly been rising from the ashes. Why would BTC dump but alts are trying to regain life?
Everyone smart enough to see this coming sold OUT of BTC during the dips, and INTO alts. Then went in reverse when the sentiment changed.
Speaking of general market sentiment, why HAVEN'T we hit 6k again for a 'true double bottom'? With all the FUD that's been going on, I find it a miracle that BTC has kept this much value, when getting down to 6k in the first place was a piece of cake. Other analysts are starting to feel the same way.
So, what do we look for moving ahead?
BTC today needs to hold a value of at least $7,550. Breaking decisively underneath that target will take us down a leg lower, to the 7k or possibly high 6k region. Worse, 5.5k or lower.
I do not see that happening however, as BTC has massive support building underneath $7,500 and a fairly strong new support at 8k which we are almost certain to re-test at some point in the next few hours. Keep a close eye on the 8k to 8.5k region.
BTC today needs to decisively close at, or break a value of at least $8,550.00. Failure to close the daily on or near this resistance will also likely send us down to the aforementioned leg(s) lower.
If we break out, I see a strong possible target of $9,160.00 or higher. Although a very slim chance, we could potentially see 10k again by tonight or tomorrow, with a decisive close above $10,060.
Like it or not- BTC is king of Crypto, and I feel that will not change for at least the rest of this year.
This is not financial advice. DYOR as I am just a simple amateur hour goldfish in an ocean of whales.
For long-term targets I invite you to follow and check out the longer-term projection I will have available for BTC in about an hour.
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