Block 491407 just passed, BTC gonna take a Dump

Block #491407 has occurred in bitcoin's blockchain.

This implies Bitcoin Gold Snapshot should have been taken.

I suspect massive dumping and money will exit crypto markets as well as move laterally from btc to ALTS.
I suspect correction to ~$5350 level or lower.
Please note that the long-term trend still says BTC/USD will goto over 9k.

Note

Price hit 5376. Total market capital for all crypto has yet to hit ~182B USD, which is all time high before china implemented ico ban as well as stricter regulation of exchanges. I see no new money coming in. We are currently sitting ~165.66B USD. 4hr stoch says btc/usd is likely to fall more. Also 4 hour chart shows btc/usd touches Kijun (brown line) several times. From experience this means a trending crypto like Bitcoin will eventually correct significantly lower than where it touched on the Kijun.

Note

For a better view we can see price bobbin in and out of the 4hour double-cloud. A symmetrical breakout pattern is forming, as well as a h&s pattern. Bitcoin seems to be having a very hard time staying afloat. Otoh this consolidation can imply accumulation and then break upwards due to touching supply zone of around ~6850-6008 every 24 hours. IMO, even if this goes up, its going to plummet back down as ALTs have more upside potential right now.

GreaterNinja

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GreaterNinja

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