BTC repeating patterns, what a surprise. 5k in 1-2 weeks !!!!!
As you can see BTC is repeating the same pattern which was played out the previous year, just quicker.
if 7.100 is broken, which is most probably scenario, then 6k will be displayed for a few days as the new support.
The chart is showing up 200EMA indicator, the only reliable indicator for BTC .
This idea displays an unavoidable scenario: bulls are doing their best to stop the price crash without luck. BTC will drop to $5.000 in the following weeks (1-2).
On the other hand the volume is decreasing, which supports the idea about sideway trading = further price crash.
As previously discussed, 200EMA is so far away, minning costs for most machines are around 3k, and otherwise, bear in mind about minners have been able to still minning with losses for an average 6months according to previous halvings.
In a nutshel, most of indicators show up strong SELL signals.
There's a huge descending triangle which has been forming when BTC hit 14k 5 months ago, this retracement was expectable.
Furthermore, there's an special interest for whales about stretching out the bottom ($4.000) in order to make bigger gains in late 2020[/b (Expect a cup and handle pattern which plays the keyrole for trend switcher).
BTC probably will drop to 6k in the following day/s and if that happens, we can talk freely about 5k for mid December.
Open shorts whenever you got a profit (even if that's less than 1%) while you can do it. Stop losses = 1%.
if 7.100 is broken, which is most probably scenario, then 6k will be displayed for a few days as the new support.
The chart is showing up 200EMA indicator, the only reliable indicator for BTC .
This idea displays an unavoidable scenario: bulls are doing their best to stop the price crash without luck. BTC will drop to $5.000 in the following weeks (1-2).
On the other hand the volume is decreasing, which supports the idea about sideway trading = further price crash.
As previously discussed, 200EMA is so far away, minning costs for most machines are around 3k, and otherwise, bear in mind about minners have been able to still minning with losses for an average 6months according to previous halvings.
In a nutshel, most of indicators show up strong SELL signals.
There's a huge descending triangle which has been forming when BTC hit 14k 5 months ago, this retracement was expectable.
Furthermore, there's an special interest for whales about stretching out the bottom ($4.000) in order to make bigger gains in late 2020[/b (Expect a cup and handle pattern which plays the keyrole for trend switcher).
BTC probably will drop to 6k in the following day/s and if that happens, we can talk freely about 5k for mid December.
Open shorts whenever you got a profit (even if that's less than 1%) while you can do it. Stop losses = 1%.
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