2018 CHRISTMAS MIGHT NOT BE THE SEASON FOR BITCOIN BULL RUN
Updated
Hello cryptofolks, What's going on? In my last published trading idea provided below, I said that we are patiently waiting for the last major dip of bitcoin. And I strongly believe based on the analysis that I created, that last major dip might fall in the month of December 2018- January 2019 breaking out our major support line which is the $6,000.00 range making it a strong resistance as we enter in the accumulation stage. As we can see, the fake breakout on the upper Descending triangle line happened last November 2014 and it did happen again this time October 2018. After the November 2014 fake breakout, it did break the support line lying on the $300.00 and go down to the lowest low of 2014 which priced at $180.00. As the fake breakout happened again this time, we might also fall to the lower lows of 2018 breaking the major support line as we enter the accumulation stage until December 2018. History always repeats itself. Not pure Identical as the last time but the direction pointing us correlates to what we are heading now. No Voluminous Technical analysis on this point in time. Just a simple comparison of Technicalities between 2013-2014 Historical Price Data and 201-2018 Historical Price Data. Please don't hesitate to leave a comment below if you have any suggestions, queries, and other views on this bitcoin price analysis. Thank You and Have a good day!
Note
November 2018 SEC ETF Decision: Most Probably it will be delayed until next year that will cause BTC to go down even further.December 2018: Bakkt is speculated to jump into crypto space but most certainly it will not happening this year. And that will cause a lot of disappointment and another sell off maybe which is to be done by the whales followed by the herd. most miners would have to shut off their mining equipments and sell every bitcoins that they have mined in order to cover some of their losses. Another thing is that lightning network for bitcoin is not going to be ready yet this year.
These are the fundamentals I'm Taking into considerations why bitcoin could draw its price back to what it did on its history.
Note
Just a quick Fundamental Update, November 05, 2018 is the date where the decision of SEC must takes place. But another delay would be probable and no ETF will be approved within this year.How about Bakkt on December? will Bakkt affect the price of bitcoin on December 12, 2018? Most of retail investor says yes. This will be the start of Major bull run and bitcoin will go to the moon like 2017 does. BLAH BLAH BLAH..
In My Opinion? It will not affect the price, and it will go down lower and lower because of disappoinments until it break down the 6k Major Support line and will go deeper and deeper as the Bitcoin/ Cryptocurrency Disbelief stage occurs.
Why it will not affect the price? Bakkt will be one of the BIGGEST investors in bitcoin history. why it will not fluctuate as soon as Bakkt jumps in by December?
Simple. They will use OTC Market as a way to buy and sell Bitcoin. OTC is a peer to peer transaction and it only happens on a close market where the supply of the broker (BAKKT) Matters and not the overall supply in the open market to which in coinparketcap .com.
Note
The 6k MAjor Support line has been broken. We are undergoing to our phase 3 which is the final break out in bitcoin before entering the accumulation stage. Hope this would convince you guys that history will be going to repeat itself as we have in 2014. ;)Note
We're Currently waiting for a reversal candle confirmation. It will be more likely to rebound on the 6k major resistance line after we bottomed out on 3.5k - 3k mark. Clue on that reversal? Wait for the green candle to go higher than 2-3 previous candles and buy the dip. that will be the sign of sudden bear reversal. Then sell at 5700-6k mark
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