Is 10k the new 6k?
BTC keeps bouncing off of the 10k level and the bounces are getting smaller and smaller (green wedge). It has bounced off of 10k no fewer than 11 times since July. The mistake many of us are making is that we expect it to continue. But it looks eerily similar to 6k when it was doing the same thing, but for a longer period of time. We came to expect it will always bounce off of 6k support level, until it didn't and we got caught in a severe 50% drop when the floor gave way.
That is what I think is happening here. The whale is driving the price up and dropping it on 10k, where it may temporarily get to the high 9k's before bouncing back up. But each bounce up is getting smaller and smaller. We are getting to the apex of the green wedge so it either has to break to the upside or to the downside. I think the whale is doing this in order to lull us into a false sense of security that the price won't drop lower than say 9.8k. Or the whale could be doing this as a battering ram to try and get the price lower than 9.5k. Remember that each time a support level is hit, the weaker it gets. I don't think this can continue on for much longer.
Notice we are getting very close to the blue 100 MA. This has been an excellent indicator to tell us if we are in a bull or bear market. The 100 MA went bullish on Feb 19th 2019 at 3.9k and stayed bullish ever since. That is about to change. We NEVER want to be long in BTC when the price is below the 100 MA! Look at what happened in Sept 2018 when the price went below the 100 MA and stayed below it. If you ignored this indicator you paid dearly for it because a couple of months later the price dropped off the 6k cliff down to 3.2k. We are dangerously close to the 100 MA price of 9974. If the price stays below the 100 MA then BTC is going down, down, down. We are less than $100 away from the 100 MA.
Which direction is BTC headed?
Up: Bakkt when it opens in late September could cause the BTC price to rise dramatically because they settle in real Bitcoin. But that is a month away. A lot can happen in a month.
Down: We have to prepare ourselves for a dramatic drop in price from 10k to below 9k, perhaps even to 7k. If you are long in BTC you need to have cash ready in order to buy at the bottom. I could be wrong, but I expect we are going to go down dramatically before we go up to 20k. Keep an eye on the 100 MA. If BTC falls below the 100 MA and stays below it, then we are getting pushed closer and closer to the cliff. What happened at 6k may very well happen again! Are you going to be ready for it this time around? Or will you panic like the rest of the crowd? You have the information. Whether you prepare for it or not is solely up to you.
Don't forget to hit the Like button on your way out.
That is what I think is happening here. The whale is driving the price up and dropping it on 10k, where it may temporarily get to the high 9k's before bouncing back up. But each bounce up is getting smaller and smaller. We are getting to the apex of the green wedge so it either has to break to the upside or to the downside. I think the whale is doing this in order to lull us into a false sense of security that the price won't drop lower than say 9.8k. Or the whale could be doing this as a battering ram to try and get the price lower than 9.5k. Remember that each time a support level is hit, the weaker it gets. I don't think this can continue on for much longer.
Notice we are getting very close to the blue 100 MA. This has been an excellent indicator to tell us if we are in a bull or bear market. The 100 MA went bullish on Feb 19th 2019 at 3.9k and stayed bullish ever since. That is about to change. We NEVER want to be long in BTC when the price is below the 100 MA! Look at what happened in Sept 2018 when the price went below the 100 MA and stayed below it. If you ignored this indicator you paid dearly for it because a couple of months later the price dropped off the 6k cliff down to 3.2k. We are dangerously close to the 100 MA price of 9974. If the price stays below the 100 MA then BTC is going down, down, down. We are less than $100 away from the 100 MA.
Which direction is BTC headed?
Up: Bakkt when it opens in late September could cause the BTC price to rise dramatically because they settle in real Bitcoin. But that is a month away. A lot can happen in a month.
Down: We have to prepare ourselves for a dramatic drop in price from 10k to below 9k, perhaps even to 7k. If you are long in BTC you need to have cash ready in order to buy at the bottom. I could be wrong, but I expect we are going to go down dramatically before we go up to 20k. Keep an eye on the 100 MA. If BTC falls below the 100 MA and stays below it, then we are getting pushed closer and closer to the cliff. What happened at 6k may very well happen again! Are you going to be ready for it this time around? Or will you panic like the rest of the crowd? You have the information. Whether you prepare for it or not is solely up to you.
Don't forget to hit the Like button on your way out.
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