Weekly Analysis (Time is ticking for another dump)
Hey guys,
This is an addition to my previous analysis.
TECHNICAL:
There is too much mess here and I would like to clear it up a little bit. Bitcoin got clearly rejected between 10.000 - 10.500 region several times recently. It seems like the market sentiment is still not ready to break above it. We rallied quite a bit since Mid March and getting ready to be exhausted and print the 9th green TD sequential candle which is a strong signal for a trend reversal. Stoch RSI is about to print a sell signal too. Volume has been decreasing and I think this week the volume will kick in with a strong red candle. To me, almost everything indicates a bearish move from a technical point of view.
WHAT THE MARKET IS ABOUT TO SAY?
US Markets "seems" like the COVID19 nightmare is over and the stimulus packages worked out well. Many people believe that the dip was found. I strongly disagree and believe that the financial statement of the corporations for Q2 2020 will wake up the minds and a second wave will be seen almost in every index and commodity. I give the markets another 10-12 days to reverse. The unemployment numbers as of Q2 is not a joke. Don't get FOMO.
SUMMARY:
For BTC /USD, The time is ticking for another massive dump. I don't think we have so much time left. You may want to get off the train right now or wait for a little fake-out between 9700 - 10.050. I am out now and planning to buy back below 20 MA. My bet is, BTC will see at least 6000 USD price point. It will be hard to fall below 4800. If it does, don't miss out on the opportunity to buy from that price :). If you want to follow the fib retracement, you may want to start buying below 6500.
This is an addition to my previous analysis.
TECHNICAL:
There is too much mess here and I would like to clear it up a little bit. Bitcoin got clearly rejected between 10.000 - 10.500 region several times recently. It seems like the market sentiment is still not ready to break above it. We rallied quite a bit since Mid March and getting ready to be exhausted and print the 9th green TD sequential candle which is a strong signal for a trend reversal. Stoch RSI is about to print a sell signal too. Volume has been decreasing and I think this week the volume will kick in with a strong red candle. To me, almost everything indicates a bearish move from a technical point of view.
WHAT THE MARKET IS ABOUT TO SAY?
US Markets "seems" like the COVID19 nightmare is over and the stimulus packages worked out well. Many people believe that the dip was found. I strongly disagree and believe that the financial statement of the corporations for Q2 2020 will wake up the minds and a second wave will be seen almost in every index and commodity. I give the markets another 10-12 days to reverse. The unemployment numbers as of Q2 is not a joke. Don't get FOMO.
SUMMARY:
For BTC /USD, The time is ticking for another massive dump. I don't think we have so much time left. You may want to get off the train right now or wait for a little fake-out between 9700 - 10.050. I am out now and planning to buy back below 20 MA. My bet is, BTC will see at least 6000 USD price point. It will be hard to fall below 4800. If it does, don't miss out on the opportunity to buy from that price :). If you want to follow the fib retracement, you may want to start buying below 6500.
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