Friday Inferno market overview
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After a promising rally, bitcoin continued its downward journey. Despite hitting $7,500 on Tuesday, momentum wasn’t sufficient. As we noted earlier this week, bitcoin is better correlated with the mainstream markets nowadays. When the Dow Jones fell 500 points, BTC went with it.
This stage of the bigger picture has almost finished playing out, though, and a key decision for traders is at hand. Zooming out to the daily chart, we can see that BTC has been trading in a large wedge, with strong support and resistance zones. One way or another, that will be resolved within the next three weeks, and very likely far sooner (these patterns tend not to hold right to the very end).
Right now everything seems bearish, which – counter-intuitively – is actually good news, because it means sellers are running out. All the same, we’re approaching a moment that will determine whether the bear market is over and whether buyers, sellers or apathy will dictate market direction for the next phase. Some headlines from this week to give a better-nuanced picture:
India has banned regulated entities from dealing with individuals or businesses that work with digital currencies: https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
The SEC has begun considering two ETF proposals, apparently backtracking on its earlier stance: https://www.ccn.com/sec-quietly-puts-bitcoin-etf-proposals-back-on-the-table/
Vitalik Buterin, creator of Ethereum, publicly called out Craig ‘Fake Satoshi’ Wright at a conference: https://www.ccn.com/vitalik-buterin-re-craig-wright-deconomy-2018-fraud/
Donald Trump has tweeted: ‘When you’re already $500 Billion DOWN, you can’t lose!’ Most critics believe this refers to the US trade deficit with China, but it’s also how much crypto’s market cap has fallen. Coincidence? Seems unlikely.
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That daily chart looks brutal. Very close to a do or die for BTC. In my honest opinion that is not ideal to have BTC prices continue to test support with lower highers. Hope crypto in general do not fall further though. Thanks.
another great for buying more crypto.. :)
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I bet if you are putting real work in posting your referral link on unknown people's comments, they are not going to like you.
I hope you understand what real work is, it's the one where you put some effort for the benefit of you and others, like I have put some efforts to reply you.
Looking forward to seeing a run northwards for BTC and Steem. :)
I’ve also been expecting to see a nice rally. Hopefully we can see a run back to $20k by the end of the year. :)
似乎想得很美好
is it end of cryoto ....!
no
Lol
This downward trend is really interesting. I wonder how soon and high it will go up this time. Patience with little brain is very crucial in this kind of situation.
I like it. Patience with little brain:)). Truth is if you think too much you'll have a lot of sleepless nights. HODL
We are going lower.....and not even the WHALES can stop it unfortunately lol
Great analysis!
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