I’m not sure it will punch through the $6800-$6900 level. Support seems quite stong there. If it breaks that the $6500 is the next level I’d be looking at.
Good call…
No more calls from you please except it`s above 10K. 
Thanks. It went under $5000 for a bit now back at $5500.
I think $4000 is likely.
Hi all. Let me present you my latest Bitcoin (BTC) analysis.
First of all let
s check what caused this huge dump. The main reason must be the COVID19 world threat and yes if you think the same youre definitely right. But… and this is quite big “BUT”, theres also some other rumors at which I want to drew attention too. The first one is Whales. Yes theyre greed. Yes theyre powerful. And yes, they have all the resources to manipulate the market for the simple target… to accumulate more coins at the lowest price possible. In evidence of this (or kind of evidence) I can point the number of BTC whales during this dump – more than 1940. The second rumor which ive heard lately and its VERY interesting is that this dump was caused by the miners, big miners and theyve used COVID19 as a look-alike trigger. In front of the halvening, big miners wanted to destruct small ones with sell off and that must be started from 15th of February. As you must know after the halving this May:
- The production and the profitability of/from BTC will be cut in half.
- The expenses to mine will stay the same or even bigger if there`s inflation.
- The miners will be the same number as now.
And from 1,2 and 3 is popping a problem – competition.
How the big miners can destruct the competition of small ones and get them out of business before the halvening? Easy. With big sell offs, pushing the price down and down till the small ones become unprofitable and capitulate.
Like I said this is just a rumor but its very interesting one and may be the latest hashrate is kind of evidence for this theory (about 30% decrease from the latest ATH). Now lets get to the technicals. - Pivot point for this week is $5794.92 Weekly candle close above it – GOOD. Weekly candle close below it – bad.
- 200 Weekly SMA – price is back above it – GOOD.
- Resistances:
1st $6400 (by previous PA)
2nd $7300 (by 61.8 fibo level and previous PA)
3rd $7800 (by previous PA)
4th $8500 (by 50% fibo level and previous PA) - Supports:
1st $5300 (by 78.6 fibo level and previous PA)
2nd $4100 (by previous PA) - And last but not least check the purple marks. In short, every time when we see such high volume and such highs or lows in price, the trend reversed afterwards.
P.S. Last thing which i`ve checked is Crypto Fear & Greed Index. It shows extreme fear and I have a moto: “Buy the fear and sell the greed.”
That is my vision for the latest circumstances and the future possibilities about Bitcoin.
1 Like
Another great analysis buddy! Hard to know if the dump was the virus or a means to jump on the back of by the whales. In any case the recent revival seems to have people excited but I think it’s lining up for another sell off around the $8500 mark.
2 Likes
The recent rise implies that the drop wasn’t virus related
1 Like
Agreed, the daily looks like a huge retest of the trend line!
Thanks for analysis. Interesting is that the dump could be whales/ miners and covid. I still wouldn’t chance buying to hodl just yet.
Yep that`s a good evidence too. 
I hope it gets that high before the next sell off, but looks like a rising wedge forming on the daily… could mean another tank downwards soon
any update on this ?
Dropped again today. Good time to buy again imo
I am waiting for $4000
These days, beginning of the next week. 
Could be a long wait…
Hi all. Here
s my latest Bitcoin (BTC) analysis. First of all Ive got to mention that this is my short term analysis and its going to be really short. In the next few days ill present you my really long term (kind of edited) analysis too.
Now lets get to the technicals. The main point here is the ascending triangle at 4H chart. This pattern most of the time leads to a bullish breakout but well see.
- Pivot point for this week is $6182.09
We`re far above it right now which is awesome for this and the next week. - Resistances:
1st $7100-7300 (a MAJOR one) – that`s the top of the ascending triangle and also 61.8 fibo level at weekly chart. A break above it will be a strong bullish signal.
2nd $7800 (by previous PA)
3rd $8500 (by 50% fibo level and previous PA) – here the resistance can be even a bit lower by VPVR indicator. - Supports:
1st $6400 (last resistance)
2nd $5600 (MAJOR support by historical PA)
One last point for today. Thanks to Glassnode we can monitor a lot of on-chain activity out there. The last thing that ive noticed is the enormous amount of Tether USD (USDT) which is stacking into exchanges. And now youll be asking: “So what?”. USDT is the easiest way to buy/sell BTC for the so called whales. But is youre selling BTC, the youll cash out BTC for USDT and then for real cash. But when you want to be fast with buying BTC, then youre staking your real cash to USDT in exchanges and just patiently wait to start buying BTC. Isnt simple enough?
That`s from me for now.
2 Likes
Hopefully will get above $7,000 over the next few days. Thanks for the analysis.
1 Like
I see a rejection off the $7188 mark and then heading back down again. Maybe as low as $4k, maybe lower.