BTC USD Welcome to the Thunderdome

2 Nis 2018

Welcome fellow cryptonians. This my first analysis of BTC. It is a critical time as BTC is in a prolonged bearish market falling 20% in the last week. How low can it go, well, the way I see it the last stand will be at $6000 where all the buyers that missed out last time are setting up their orders to buy in this time around. Makes sense right . Another factor in play is the miners would not want the price to fall below that mark to maintain profitability, they will just step in and pump up the price to create fomo. There is nothing in the charts at the moment which suggest a fall to $5000 or $3000 and this is confirmed by the daily chart showing RSI is in oversold territory and at a level only seen 4 times the last two and bit years. I am not bothering with Elliot wave as it is too hard to make a valid count right now. Also the Stochastic shows momentum at the bottom and starting to curl up with the blue line crossing over nicely and headinhg up . It would be premature to signal a long market right now but keep an eye on the stochastic for confirmation of momentum building upwards on the daily. Also we have BTC finally breaking out of the 10 day falling channel with a bullish engulfer so far. With another 16 hours to go keep an eye on this important candle which will set the scene for the next few days. That's all for now, don't worry be happy.!!!!