Based on which exchanges?

On the exchanges I watch (Bitstamp, Bitfinex, Bitmex), volume was down yesterday vs. the day before. There's been decent volume on this bounce overall, but it still doesn't compare to the dumps earlier in the month. I was hoping to see a higher volume bottom, to be honest.

This is what I've scared of. When bitcoin will fall down, I assume it will recover but I do not when it could be. There is no momentum for cryptocurrency as of now and we are all waiting for a news that will make the market green. Leaving cryptocurrency is such a fool decision, we must be positive no matter what happens.

A few  days ago i was still bullish on bitcoin as it stayed strong above major support  trend as well as horizontal support support of 5800$-6100$. the bulls defended that area for from the beginning of the dip on Feb, the long positions on that area were always big enough to bring price up as soon as it mingles around those prices.

this time however, it's pretty different. price went pass them like they were nothing. the area from  5800 to 6100 is has now formed a very strong resistance levels that do not seem to be broken before making a considerable low.

I do believe there could be one more bull-trap before we head down. but most likely nothing major.

The next support would be 4900 which happens to be both trend line as well as a horizntal support formed on Aug 2017 " previews resistance". yet i would not count on that to be a kick start for a new bull run. price will surely bounch back from there only for correction.

breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017, what's more interesting that price meets the concept of "history repeating it self" which is about 85% drop from ATH that started in late 2013.

this is the most likely scenario that i expect now, however the hardest part would be the timing. if history is to repeat itself then we will remain a bear market till around Sep 2019 before the next bull run starts.

-------------------------

From a fundamental point of view. recently Crypto has not made anything noticeable that could make it attracting enough to be 2-3 Trillion market.

we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.

we will need couple more months to clear out the path for the true vision of crypto for preparation of mass adoption. as with this situation,prices are as best as they get.


no fud here, just trying to point out the facts. i want nothing more than BTC going to 1 million over night. but this is just not happening.

being realistic can save you from future coming events that may break your heart.

----------------------------------------------------------------------------------

24/11/2018  9:55 pm (GMT)
UPDATE : BTC is down about 30% from the time I posted this, some moon boys probably did not like what i said, some said TA is B.S . but if even 1 person took my analysis seriously and benefited from this i am glad enough.

currently btc is trading at  3940$ on binance .

we will see some relief from here, but most likely only a bear flag that will only bring another dip.

my strategy is to buy into this market slowly as the bull run could happen any time, but major buys will be around 2900-3100$ .  i might increase my buying postion at 3500$ area if i see some good price action.


as i mentioned in one of the comments, the only way for BTC to really be in a bull market is with a daily close above 7500$ with some huge volume, aside from that any surge is nothing but a good chance to short.

From a fundamental point of view. recently Crypto has not made anything noticeable that could make it attracting enough to be 2-3 Trillion market.

we will need couple more months to clear out the path for the true vision of crypto for preparation of mass adoption. as with this situation,prices are as best as they get.

we will see some relief from here, but most likely only a bear flag that will only bring another dip.

https://i.imgur.com/7MurjVd.jpg




A few  days ago i was still bullish on bitcoin as it stayed strong above major support  trend as well as horizontal support support of 5800$-6100$. the bulls defended that area for from the beginning of the dip on Feb, the long positions on that area were always big enough to bring price up as soon as it mingles around those prices.

this time however, it's pretty different. price went pass them like they were nothing. the area from  5800 to 6100 is has now formed a very strong resistance levels that do not seem to be broken before making a considerable low.

I do believe there could be one more bull-trap before we head down. but most likely nothing major.

The next support would be 4900 which happens to be both trend line as well as a horizntal support formed on Aug 2017 " previews resistance". yet i would not count on that to be a kick start for a new bull run. price will surely bounch back from there only for correction.

breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017, what's more interesting that price meets the concept of "history repeating it self" which is about 85% drop from ATH that started in late 2013.

this is the most likely scenario that i expect now, however the hardest part would be the timing. if history is to repeat itself then we will remain a bear market till around Sep 2019 before the next bull run starts.

-------------------------

From a fundamental point of view. recently Crypto has not made anything noticeable that could make it attracting enough to be 2-3 Trillion market.

we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.

we will need couple more months to clear out the path for the true vision of crypto for preparation of mass adoption. as with this situation,prices are as best as they get.


no fud here, just trying to point out the facts. i want nothing more than BTC going to 1 million over night. but this is just not happening.

being realistic can save you from future coming events that may break your heart.

----------------------------------------------------------------------------------

24/11/2018  9:55 pm (GMT)
UPDATE : BTC is down about 30% from the time I posted this, some moon boys probably did not like what i said, some said TA is B.S . but if even 1 person took my analysis seriously and benefited from this i am glad enough.

currently btc is trading at  3940$ on binance .

we will see some relief from here, but most likely only a bear flag that will only bring another dip.

my strategy is to buy into this market slowly as the bull run could happen any time, but major buys will be around 2900-3100$ .  i might increase my buying postion at 3500$ area if i see some good price action.


as i mentioned in one of the comments, the only way for BTC to really be in a bull market is with a daily close above 7500$ with some huge volume, aside from that any surge is nothing but a good chance to short.