Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Analysis
by
exstasie
on 31/08/2020, 09:28:48 UTC
⭐ Merited by JayJuanGee (1)
This is a very bold prediction. I personally don't predict a new all time high this year. I also believe a big crash is ahead of us, next few weeks.

With the stock market running so high above the fast DMAs, I wouldn't be surprised at a scary and severe pullback. BTC would naturally follow.

"Crash" is probably an exaggeration. If panic hits hard I could see the weekly CME gap ~$9,600 getting filled on a wick, but ultimately I think the $10K area will be confirmed as support.

As long as Bitcoin price does not cross $13800 there is no reason to be a bull.

The market has held for 5+ weeks above the yearly resistance at $10.5K. That was the first higher high since October 2019. Pretty big deal. Could it be a bull trap? Technically yes, but I wouldn't count on it and I certainly wouldn't be shorting Bitcoin right now.