https://i.imgur.com/7MurjVd.jpgA few days ago i was still bullish on bitcoin as it stayed strong above major support trend as well as horizontal support support of 5800$-6100$. the bulls defended that area for from the beginning of the dip on Feb, the long positions on that area were always big enough to bring price up as soon as it mingles around those prices.
this time however, it's pretty different. price went pass them like they were nothing. the area from 5800 to 6100 is has now formed a very strong resistance levels that do not seem to be broken before making a considerable low.
I do believe there could be one more bull-trap before we head down. but most likely nothing major.
The next support would be 4900 which happens to be both trend line as well as a horizntal support formed on Aug 2017 " previews resistance". yet i would not count on that to be a kick start for a new bull run. price will surely bounch back from there only for correction.
breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017, what's more interesting that price meets the concept of "history repeating it self" which is about 85% drop from ATH that started in late 2013.
this is the most likely scenario that i expect now, however the hardest part would be the timing. if history is to repeat itself then we will remain a bear market till around Sep 2019 before the next bull run starts.
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From a fundamental point of view. recently Crypto has not made anything noticeable that could make it attracting enough to be 2-3 Trillion market.
we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.
we will need couple more months to clear out the path for the true vision of crypto for preparation of mass adoption. as with this situation,prices are as best as they get.
no fud here, just trying to point out the facts. i want nothing more than BTC going to 1 million over night. but this is just not happening.
being realistic can save you from future coming events that may break your heart.
Charts now are pure bullshit, we have here a big dump the will be followed for a bigger buy force that will put us in a huge bull run, never seen im history before.
