Secrets will be revealed, entries will be shown, instructions will be provided, real theories are explained.
Market is important lets look a this. 2018 hit and the crypto market cap was at an all time high, of course we expected a retrace to then consolidate.
January the 8th the Crypto market cap was 813 billion dollars will a daily of over 44 billion dollars.
April 2017 prior to this there was as little as 30 billion dollars in this space and a daily of less then 500 million.
Currently where the crypto market cap stands as of today is is 374 billion dollars with a daily of 15 billion dollars.
As you can see the daily now is 1 third of what we had at the start of the year. The entire industry has had 500 billion dollars fall out of it in just as little as 60 days.
This recovery doesn’t happen over night, when the BTC falls this will raise hundreds of billions of dollars back into the market. However we expect the market to trend sideways for months on end before we may see another wild event like the last couple of months last year where we were achieving amazing figures. We need to be clear on BTC is not a market, yes it holds the most dominance in the market of around 45% but the market is crypto.
If your doing a TA based of strength on BTC you would overlay the crypto market chart and see that ALL strength indicators are saying we are going down, this is evident.
We have lost 60% of capital from a market, there will be many of you with portfolios down 60% because you bought the hyped up high last year. Will you by holding YES but what a long road ahead you have.
Now lets take a good look at BTC , where we were before the bull run, it all started on November the 6th at a price of $6,922 we then rallied for a solid 2 months and reached all time highs that are going to be seen and beaten again this year. The we needed to retrace and consolidate, we knew this but we didn't expect the below.
The 6th of February the closing price was the exact same price as when we started the rally in 2017 on the 6th of Nov. You will see this circled in PURPLE. This means that bitcoin was dumped to the dollar like a glorified pump and dump. Very odd I must add that both times its been on the 6th of the month 1 more 6 and will be the devils game.
Now you will see circled in red where we have spiked down to the 6K mark where it was oversold and spiked
Right now all the action lays in the middle of the blue lines this is the channel BTC may trade in for days or weeks before making its next break. The bottom blue line is a strong line of support that we will bounce from and the top blue line is strong resistance in the middle of these you have the 200EMA and above (green line) the .618 fib. Until we break these blue lines we don’t have a clear direction on moments. If we break high we need and as you’ve seen we’ve lost $500 billion in .
Breaking low is the clearest direct we can go, but if this was me going to short from here I wouldn’t sell until the blue line is broken and I would re-buy at the red line which is the base we found at start of trend and the closing price of last 6k dip. Anything below there carries risk.
I am not going to short, you will see below in related articles on what I will be doing which I feel is much safer as the BTC there is too much hype. Its where all the eyes are and people are missing what will happen in the background of this mess.
I had someone mention today on my XEM post about a coin looking and he was under impression we are not in a market. A coin is not a market the market is crypto and if you step back and look at the market we are doing down. I hope This this helps educate. In related articles is XEM thread also, we must understand a market to know strength.
Cash Is King, check out my other BTC posts for some cash making strategies.
When it breaks the channel i will update
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