Price still trading below 3430 isn't good for bulls and neither is shorting in this region a good thing to do.. will wait for the weekly close to determine next move.. A weekly close above 3430 will signal buyers stepping in..
MARKET CYCLE AND WHERE ARE WE NOW?
PLEASE READ ALL CAREFULLY!
Again Our team has done thorough research and analysis on the current market situation and decided to share with you our opinion on BTC and market cycles in general.
As you’ve been told already, there are a lot of stuffs that goes around in this market cycle. The MANUPULATION of WHALES, psychological effect, emotions, panic and fear factors etc...
As you informed already statistically every market have around 11 major stages before a cycle is completed same as CRYPTO cycle which starts with HOPE and end with DISBELIEF. If a cycle finished, it will start repeat over and over again.
The question we need to answer is, after this long correction WHERE ARE WE RIGHT NOW?
If you take the whole year BITCOIN chart for 2018 from beginning of January into perspective you could see clearly that 2018 chart followed year 2014 chart pattern. In 2014 BITCOIN rally to nearly $1200 and drop(crash) to $160; which is about 750% CRASH. Similar to 2018, BITCOIN hit $20000 and CRASH; now BTC support is $3200 which is about 625% CRASH. Is this the end of the 2018 CRASH? ACCORDING TO CHART I WILL SAY NO BECAUSE WE WILL GO DOWN A BIT FURTHER NOT HUGE; BUT ANYTHING IS POSSIBLE BECAUSE WHALE CAN CHOSE TO END IT HERE!
SO WHERE ARE WE RIGHT NOW ? I will say between CAPITULATION and ANGER. We are closed to the bottom of the cycle.
What will happen is we going to see further drop again between NOW and CHRISTMAS and NEW YEAR. This means BTC likely to drop to $2600-$1600 range. That stage is where more people lose interest in the market out of DEPRESSION but truthfully that's where the WHALES will do their biggest accumulations. After that we will see BITCOIN consolidation in 2019 Q1 & Q2, then prepare for major BULL RUN again in 2020 and 2021 where we likely to see new ALL TIME HIGH(ATH).
LONG ETH 88.15-87.65
TARGET 88.50-92+
STOP LOSS - 87.15
EOSBTC
Previous daily candle swept the highs at 5761 and closed below.. trapping breakout buyers.. Also in a rising bearish flag. i'll expect a slow retrace towards 0.00048xx/0.00050xx