Sammy colt
Private, 1st Class
- Messages
- 41
I think the bulls will pull through this week and we may even see highs of circa $11k imo. Got to stay positive lol
Bitcoin (BTC) analysis thread
- Thread starter momo3HC
- Start date
sebking1986
Private
- Messages
- 622
I said a little while ago that I could see it getting to $15k or higher this year and I've not seen anything to convince me otherwise so far
momo3HC
Sergeant Major
- Messages
- 567
I`m even seeing an ATH at the end of this year summer or early in the autumn.
sebking1986
Private
- Messages
- 622
Bit of a recovery today but what a crash in the last 24 hrs
momo3HC
Sergeant Major
- Messages
- 567
Horrible crash but that`s the actual conditions for all assets cuz of the Corona virus. Hope we already saw the worst.
sebking1986
Private
- Messages
- 622
I think it could get a lot worse yet. Tip of the iceberg in terms of the virus.
momo3HC
Sergeant Major
- Messages
- 567
Hi all. Let me present you my latest Bitcoin (BTC) analysis.
First of all let`s check what caused this huge dump.
The main reason must be the COVID19 world threat and yes if you think the same you`re definitely right. But… and this is quite big “BUT”, there`s also some other rumors at which I want to drew attention too.
The first one is Whales. Yes they`re greed. Yes they`re powerful. And yes, they have all the resources to manipulate the market for the simple target… to accumulate more coins at the lowest price possible. In evidence of this (or kind of evidence) I can point the number of BTC whales during this dump – more than 1940.
The second rumor which i`ve heard lately and it`s VERY interesting is that this dump was caused by the miners, big miners and they`ve used COVID19 as a look-alike trigger. In front of the halvening, big miners wanted to destruct small ones with sell off and that must be started from 15th of February. As you must know after the halving this May:
- The production and the profitability of/from BTC will be cut in half.
- The expenses to mine will stay the same or even bigger if there`s inflation.
- The miners will be the same number as now.
How the big miners can destruct the competition of small ones and get them out of business before the halvening? Easy. With big sell offs, pushing the price down and down till the small ones become unprofitable and capitulate.
Like I said this is just a rumor but it`s very interesting one and may be the latest hashrate is kind of evidence for this theory (about 30% decrease from the latest ATH).
Now let`s get to the technicals.
- Pivot point for this week is $5794.92 Weekly candle close above it – GOOD. Weekly candle close below it – bad.
- 200 Weekly SMA – price is back above it – GOOD.
- Resistances:
- 1st $6400 (by previous PA)
- 2nd $7300 (by 61.8 fibo level and previous PA)
- 3rd $7800 (by previous PA)
- 4th $8500 (by 50% fibo level and previous PA)
- Supports:
- 1st $5300 (by 78.6 fibo level and previous PA)
- 2nd $4100 (by previous PA)
- And last but not least check the purple marks. In short, every time when we see such high volume and such highs or lows in price, the trend reversed afterwards.
That is my vision for the latest circumstances and the future possibilities about Bitcoin.
sebking1986
Private
- Messages
- 622
Great analysis as always mate. I think the recent revival is also geared at getting a good price ready for another sell off. Possibly at the $8500 mark.
