Still going down
We had a FOMO pump yesterday the Big green candle.
cnbc.com/2018/06/14/bitcoin-and-ethereum-are-not-securities-but-some-cryptocurrencies-may-be-sec-official-says.html
After settling down, volumes are declining again and those FOMO buyers are selling out. Because let just be honest, the news from yesterday is good news but not major Ethereum has a market cap of 50 Billion and the SEC thing is not what I believe will make the market reach a 1 trillion market cap anywhere soon.
Support line has been broken 3 times. 3 times is like a magical thing in crypto. Generally sth (support/resistance) lines breaks after 1-3-5 ticks.
I m quite new at this so sorry for the bit amateur language :)
On the one day chart price is still under the ichimoku cloud, new red ichimoku forming, so there will be a strong push on the price. Trend line still pointing downwards. I believe price will fall back to test the the support and I believe it might break this time. It's also a very nice special like setup when a strong trend line crosses with a strong support line, the 6288 was a formidable wall, but got broken hard.
A lot of buyers got in on this ride on 15.11.18 at around 3000$, for them a BTC above double their investment is still acceptable. But fears start to kick in when it get's under that level. This was triggered about the idea that soon payements in btc would be very easy, cheap etc...
cnbc.com/2017/11/15/bitcoin-jumps-more-than-9-percent-after-news-square-is-testing-the-digital-currency.html
This sentiment is not prevailing anymore and more and more people are becoming skeptical.
Now I believe that 5900 will be broken as well and we will visit new lows. The trendline crossing 5900 becoming a resistance and keeping the price in this new price range.
I think the price might go crashing down at that time
My view for 2018 is very Bearish
cnbc.com/2018/06/14/bitcoin-and-ethereum-are-not-securities-but-some-cryptocurrencies-may-be-sec-official-says.html
After settling down, volumes are declining again and those FOMO buyers are selling out. Because let just be honest, the news from yesterday is good news but not major Ethereum has a market cap of 50 Billion and the SEC thing is not what I believe will make the market reach a 1 trillion market cap anywhere soon.
Support line has been broken 3 times. 3 times is like a magical thing in crypto. Generally sth (support/resistance) lines breaks after 1-3-5 ticks.
I m quite new at this so sorry for the bit amateur language :)
On the one day chart price is still under the ichimoku cloud, new red ichimoku forming, so there will be a strong push on the price. Trend line still pointing downwards. I believe price will fall back to test the the support and I believe it might break this time. It's also a very nice special like setup when a strong trend line crosses with a strong support line, the 6288 was a formidable wall, but got broken hard.
A lot of buyers got in on this ride on 15.11.18 at around 3000$, for them a BTC above double their investment is still acceptable. But fears start to kick in when it get's under that level. This was triggered about the idea that soon payements in btc would be very easy, cheap etc...
cnbc.com/2017/11/15/bitcoin-jumps-more-than-9-percent-after-news-square-is-testing-the-digital-currency.html
This sentiment is not prevailing anymore and more and more people are becoming skeptical.
Now I believe that 5900 will be broken as well and we will visit new lows. The trendline crossing 5900 becoming a resistance and keeping the price in this new price range.
I think the price might go crashing down at that time
My view for 2018 is very Bearish
Note
5900 is on the way of getting tested
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