Bitcoins dreams are already over? Following July 2018 fake dream
Updated
Previous analysis worked out quite nicely, where it followed almost everything to the point. Have to say, it has not been that easy for a while now. Now when looking at these charts, there is no denying that they are very similar. Making like a double top shape with the red zone being the neckline. Also very identical stages as well with the colored circles.
I am going to keep this one short. As long as we stay below the 7900ish, it's an easy view down. There is also room up to 8000ish, but then it should stay withing the shape of the possible bearish wedge on the right. For a wedge , volume is very important. So there is no room to see a solid push up through the 8000 with high volume . If that happens, it probably means something else is going on.
I am not going to do any mid/long term predictions here, just taking it step by step. In the previous analysis i talked about a bigger ABC correction down from the whole rally. It could be finished already, but since the double top gives a target around 7.000, i think chances for a drop are still bigger at this point. I don't have a real scenario yet if we see the 7900/8000 break.
Alts are also hardly bouncing up with this consolidation of Bitcoin the past 24 hours, this is also in favor of the bears so far.
Now if we do see another drop , it's important to look at the volume of that drop . If we see it being similar to the previous one, or preferably even lower, than chances for a low will increase some. If sell volume increases even more, it will be the other way around. So suggesting the market can drop even more as this fractal suggests.
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Previous analysis:
I am going to keep this one short. As long as we stay below the 7900ish, it's an easy view down. There is also room up to 8000ish, but then it should stay withing the shape of the possible bearish wedge on the right. For a wedge , volume is very important. So there is no room to see a solid push up through the 8000 with high volume . If that happens, it probably means something else is going on.
I am not going to do any mid/long term predictions here, just taking it step by step. In the previous analysis i talked about a bigger ABC correction down from the whole rally. It could be finished already, but since the double top gives a target around 7.000, i think chances for a drop are still bigger at this point. I don't have a real scenario yet if we see the 7900/8000 break.
Alts are also hardly bouncing up with this consolidation of Bitcoin the past 24 hours, this is also in favor of the bears so far.
Now if we do see another drop , it's important to look at the volume of that drop . If we see it being similar to the previous one, or preferably even lower, than chances for a low will increase some. If sell volume increases even more, it will be the other way around. So suggesting the market can drop even more as this fractal suggests.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
New ETH analysis:
Note
Support line for ETH and BTC just broke, at the moment it looks like a standard retest. So it is not allowed to see those red zones break anymore. Because that would invalidate the pattern usuallyNote
Extra Bitcoin update:Possible double bottom in the making
Note
New Bitcoin analysis:
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