Weekend Edition: 2018-07-14
In this edition we offer a roundup of the top ranked or popular bitcoin technical analyses – plus a NEW illustrated forecast.
Topping out the list are analyses from steemit.com, NewsBTC and CoinInsider. Or jump right to today’s Bitcoin $ BTC Forecast.
Guess who just got back today? That wild eyed bull that had been away, has reappeared as Bitcoin price just broke $ 7,700! Question is, will the bears go quietly or will BTC continue trading sideways as the bears maul it into submission?
It’s in tumultuous times such as these that investors should just kick back and relax. Take a deep breath, read a book, binge watch Netflix or just listen to Thin Lizzy as we at Bitcoinist love to do…hence the not so subtle mash up of the Thin Lizzy’s chorus in the title.
Today will prove to be another difficult day for all cryptocurrency markets. The bearish pressure is not relenting by any means, as market makers are intent on keeping the prices down for some time to come. With the Bitcoin price now dropping below $ 8,200, it seems to be a matter of time until the value dips below $ 8,000 once again. That would certainly trigger an even bigger sell-off in the altcoin department.
In a surprisingly aggressive move, bitcoin dropped $ 800 dollars in a few short hours. The move seemed to cripple many of the most bullish markets leaving some altcoins seeing 30–40% drops before finding any local bottoms. Last night’s move marked the first new low since the trading range (TR) formed 3 weeks ago:
Figure 1: BTC-USD, 2-HR Candles, Potential Distribution Trading Range
Cryptocurrency markets are still following a bearish pattern, leaving many digital asset traders uncertain. BTC/USD values have plummeted to levels not seen since the first week of February as the price per coin had touched a low of $ 7,325 on March 18. Moreover, the whole digital asset economy is suffering from losses as the entire cryptocurrency market capitalization has dropped to a low of $ 285Bn.
The cryptocurrency markets are always evolving in many different directions. Right now, the overall sentiment is pretty depressing, as the markets have gone down in value for quite some time now. With some markets losing 10% in value or more, things are not looking all that great. Especially the Ethereum price is struggling as of right now, for some reason.
Bitcoin price dropped below $ 10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors.
Data from Bitstamp showed a sudden $ 500 dip over three hours, taking Bitcoin from around $ 10,300 to current lows of $ 9677.
Having traded as high as $ 11,762 this week, markets appeared to encounter a lack of support closer to $ 12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.
“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.