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BTCUSDT | Bitcoin has crashed but is the growth phase finished?Overview Bitcoin broke up through $12 000 but is now crashing. Gold set a new all-time high but has since pulled back. The S&P 500 keeps on setting high after high. Still, all of these assets have one thing in common: they’re all at risk for a sizable correction, primarily due to the dark cloud hanging over the coming United States 2020 Presidential election. However such explanation can describe short-term effect on Bitcoin's price action but what about long-term perspective? Fractals Bitcoin global ATH $19 798 was reached on December 17th in 2017. Afterwards the whole cryptocurrency industry entered a consolidation phase decreasing until April 2nd in 2018 when a new growth stage started. After 3 months of ascending trend Bitcoin made a local peak of $13 970 on June 26th where consolidation started again making a Fractal pattern. Why are these Fractal patterns so important now? Bitcoin price action tried to consolidate at previously broken resistance levels to stop crashing during the first Fractal in 2018. Retrospectively we can see it failed after several attempts reaching major support which was also rejected thus it resulted in a dramatic crash to base level of $3 156. Currently we see the very similar situation: - Local support of $11 400 was broken - Previously broken resistance level of $10 400 level is being tested but has low probability to withstand Based on the Pitchfork and trend analysis we see a high probability of breaking down the level and further retest of major support level. Which will confirm repeating Fractal pattern and will signal for descending trend Conclusion Bitcoin is at decisive moment. The long-term price action development depends on whether BTC succeed to consolidate above $10 400 level or not. Most traders from SkyRock Signals think Bitcoin will break the level within next days because of bearish fundamental background, negative results of trend and technical indicators analyses. The scenario will bring the leading cryptocurrency to Major support near with $8 893 level. On a contrast with the first Fractal this level is close to fundamental production value which increase chances of bouncing back. However it is hard to accurately forecast what will happen when Bitcoin touches major Support because Fractal patterns do not guarantee retrospective will happen again. The most important now is to set tight risk management settings to your cryptocurrency assets positions until decisive moment is passed Stay safe and confident. We will update this trading idea so stay tuned Best regard, SkyRock Signals team
Short
by Skyrexio
2
ELECTION DROPI changed my price target on SPY to ~$367. Yesterdays price action was way too strong into the close for this market to drop yet. Nobody cared about Powells speech. Nobody cares about EVERY stock in the market being overvalued by a minimum of 2x. We are continuing the ride up the wall of worry. IWM still has not completed its 100% retrace which WILL happen. I am noticing stocks all over the board developing extremely bearish patterns and parabolic moves to the moon. Post election, if trump wins, I anticipate the market to continue this ridiculous pattern. Biden wins, i expect a minimum of a 20% drop in the market.
AMEX:SPY
by ncontelmo