BITCOIN Double Rejection From $6,800 Leads Bears To Obtain Edge
The $6,800 level has been a brutal level for the Bitcoin bulls. This Level has provided extreme resistance over the last month.
Right now, we're seeing a pullback from this level. The bulls barely found a higher high at $6,843, but that was quickly given back without hassle. Besides that, the $6,800 level has been unable to seek bull support and bears easily push back at this level.
With a lack of bull follow through and these resistances still in tact, I don't have too many optimistic hopes for the prices of BTC and the rest of the cryptos.
We keep seeing these oversold bounces without any momentum and we barely see moves, just consolidation.
Technicals are starting to look at favoring the bears once again. Stochastic RSI is desperately seeking an opportunity to roll over and push to the down cycle. RSI is starting to look at coming down. MACD has run its course this time and is looking to start a bearish cross before too long.
Indicators and volumes on the 4-hr chart give confirmation as well. I'm predicting a longer pullback this week and we'll look to heading toward the $5k psychological support.
Agreed! Good analysis in my opinion!! I’m thinking 5300/5500 ish.
This is the easiest coin to HODL, simply because at ~$6K, it's still arguably the best thing going on in the crypto world.
Of course, there are those who watch the buy low for pennies market, with plans to hodl, forever and a day for the next five decades. But for most, who just don't have that vibe; as noted, BTC is easy for the most part. Even if it drops to $2K a share, it will still top anything crypto; and, has tangible promise for future success.
Steemit, on a much smaller scale, also has promise. It shall be interesting to see its journey in the years to come.
Thanks for the post.
Best regards.
Peace.
My personal opinion is long term BTC is going to fail. It's simply not good enough fundamentally. Other cryptos like Litecoin with the same use case are better (not making a case for LTC). Coins that have other purposes like ETH and STEEM will be the future IMO. I definitely wouldn't long term hold BTC right now.
Hey @exxodus...I really hate when it seems like I'm waffling on my opinion; but, I totally agree with you on many levels regarding BTC. It is a very controlled asset, manipulated by a few.
I'd like to think that it might become a tangible alternative to fiat, long term; but, there are so many ramifications needed for this to occur, that yes, as is, fundamentally it's most likely to fail.
I have to admit, I will prolly hodl simply because I don't have much of a vibe for crypto at this point. I embarked on this journey just to see what it was about; and, have to admit it leaves me a bit 'underwhelmed' due to volatility and too few regulations...I can't believe I said that.
Thanks again for the tip!
Peace.
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Hopefully your prediction will be correct
That we are still pulling back? I'd love discounted prices...
I think the total downward trend in crypto prices can be explained with a number of variables such as new regulations and FUD from well known economic figures but In my opinion one of the bigger issues was the EOS launch. In many people’s opinion the launch was a disaster. I’m not gonna say whether it was either way, but EOS was the biggest ICO ever. There was a ton of hype behind it, and when the launch half flopped out I bet that discouraged more than a few investors.
It's the same pattern every cycle. Look at the 2013 boom with the 2014-2015 bear market...this was totally predictable. There's always some catalyst, but the result is inevitable. When markets boom, there's GOS in the market, when it's a bear market, all the news is FUD. The parabolic movement was never sustainable.