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.
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”, there
s also some other rumors at which I want to drew attention too. The first one is Whales. Yes theyre greed. Yes they
re 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 it
s 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 it
s 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.
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)
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.
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.
The recent rise implies that the drop wasn’t virus related
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…