Me watching the bitcoin chart right now like.....
Bitcoin price - still in the do or die zone we have been covering since mid last month. That 100 day moving average continues to be crucial. Bitcoin is still looking very bearish with weak momentum. As we mentioned in our most recent market report, we also outlined declining fundamentals. If you have not read it yet, you can check out the link below. If Bitcoin dips below $7,700 watch out for the strong bear indicators to kick in.
Bitcoin bouncing quite nicely off that 100 day moving average which we saw as a very important level. Some are now sold on a reversal bull trend, but we would disagree until $10,000 is accepted. If this were to happen we could see a hard bull run similar to Nov 2017 for Bitcoin. On the flip side, long-term MACD is weak right now and still shows negative momentum. That's why waiting for the 10K confirm might be a better play to avoid a potential "bull trap scenario" in our opinion.
Crypto has a market worth $218 billion and very few have even dipped their toes in yet. Survey of 1,000 per country and the % of the participants that either own or use #cryptocurrency. We are still so early..
As previously stated, BTC has only rejected the 100 MA one other time in 5 years which resulted in a large drop . That's why we have been assessing the current levels so heavily, due to the fact BTC is flirting with the 100 MA. If you didn't agree with us initially, hopefully now you can see how strong this support level is as its been playing around with it for a while now.
A few prices emerge - if BTC rejects that 100Ma, you will start to see people arguing the 5,000 test from a long-term standpoint and you could be seeing a bear market formulate at that point. On the flip-side if bitcoin can bounce of these levels and retest $10,000, you can then argue a new bull trend has emerged. We would argue a rally to $12,000+ levels would emerge. It's hard for us to believe BTC is starting a bear trend based on our recent fundamental report, but again we all know anything can happen in Crypto world... Stay tuned and best of luck! If you didnt see our fundamental report yet, you can see it on the bottom banner of this page