Bitcoin bulls let prices fall to a new lower low hitting a price we haven't seen in over a week.
Bears are now taking control again as bulls couldn't break resistance at $15,180. There's heavy resistance at this level and the next resistance above this level at the $15,410 level. On the very high end, is the $17,183 resistance which was tested twice and held both times. Bouncing off this lower high level is plenty of indication that BTC is not done correcting further. This move comes expected after the vertical stem of a parabolic movement chart.
A majority of the heavy volume trading bars are bearish, so I don't think the bulls have enough strength or reason to stick around in BTC at the moment.
The loss of over 50% market share has been hitting BTC hard and I'd assume it's safe to say I don't see a move to the upside capturing 50% dominance anytime in the near or distant future. My prediction is BTC loses #1 market cap spot this year.
For now, ETH seems to have the attention as we head in to the fork. The rest of the markets are following suit for BTC and pulling back. I believe since are still pulling back we will test and break below the $14,000 support floor. Realistically I see some consolidation and a failed attempt of the bulls to show up before bears break support.
Thoughts on BTC now??
Happy trading!
Some good info there , Thanks .. jkenny
Thanks @jkenny!
is a long term correction like it seems... I have found your blogs pretty interesting!!
Thanks! Yea I do believe we are in for a longer correction definitely. Markets have been way too crazy. However, if it corrects too much and too long and other stuff passes it up, it will start to become irrelevant.