BTC is getting ready to go down

14 Mar 2018

Hey guys. Just a quick post to track my analysis. It looks like BTC is close to the rising bottom of a bear flag and will probably break down. If BTC breaks down the flag, the next support is in $8500 area which is the previous low. After that we may go down more to reach the bear flag target and probably around 6k. The 24 hr volume to total market cap ratio is currently equal to $13 billion / $373 billion = 0.035 which is very low and it has been decreasing. A value below 0.05 suggests me that the market is ready for a drop and is more vulnerable to be manipulated by bears. I always keep cash for a time that this ratio reaches 0.1 and I buy. Also, I did hold a good portion of my coins to protect myself against a sudden price increase of BTC. I never assume that I can predict bitcoin. Whenever I made this assumption, I lost money. lol

Good luck trading :)