Looking at the daily BTC chart, you can clearly see nothing is supporting BTC to go up. I do believe that there is a much higher probability that BTC will continue to chop sideways for the majority of the year, in a range between 3,200 and the low 4000s.
Looking at the chart, we can see that price has been forming a since December (in pink.) Such formations are continuation patterns, and the market has been in a downtrend since the all time high. So, technically, the “continuation” should be to the downside. Regardless, I don’t believe that the downside risk is that great. It is always possible that the market could put in a lower low, and if that happens, I will be happy to buy more. =D However, I do think the downside risk is likely to be limited to around 3200 or so.
Looking more closely at the 150 (in light blue) we can see that price held it consistently through the beginning of the bull market. Then, price eventually entered a parabolic trend, where the 150 became less significant. Since then, we can see that price has fallen below the 150 , and as the bear market has progressed, we can see that the 150 has been highly resistive. In fact, nearly all of the previous peaks either stopped directly on the 150 , or somewhere near it. Looking at the current price action, you can see that we are just below the 150 .
We can see that the 100 is clearly resistive. That average is currently intersecting other very powerful resistance levels. This clear resistance is why the market is so quiet right now. We’re in a sideways consolidation, and until price is able to break higher or lower, will probably remain quiet.
As I’ve said on many occasions, I believe that the market will just continue a long grind sideways from here. I don’t see a major breakout toward 6000 in the cards right now. Based on my analyses, I think it is far more likely that Bitcoin will breakout for 6000 closer toward the end of the year. Even then, I believe it is likely to be a slow grind on a slightly uphill slope, as opposed to an explosive breakout to the upside. I still believe that the market has probably bottomed, but we may see a retest of the 3150 level sometime in October, before the next bull market begins.
On a side note, I would like to express my view that Bitcoin is, and will ALWAYS be, the greatest cryptocurrency in existence. Even highly praised coins like Ethereum , Ripple, Litecoin and others. We all have different opinions on that, but my view is that Bitcoin will revolutionize global finance, in a way that completely reshapes our global economic system. It is a freedom provider in every sense of the term. It is REAL money, and the world is slowly waking up to that.
For More Info Check: https://coininquire.com
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.