Daily Crypto Charts With Comments! Aug 12, 2018 : Huge Fall Incoming?

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Disclaimer: This is not investing advice. These charts are for fun and beginners. An easy to understand basic introduction to charts.

BTC

I don't want to scare you, but Bitcoin is not one for just hanging around being stable. That's just not the way of Bitcoin. Last time( in June) we saw a low volume correction up in this bearish trend it was followed by a huge volume drop. All the other moves down in this bear trend has had corrections up at least two times before hitting the bottom. In this last wave down however, we have had ZERO corrections up. This concerns me and in fact makes me believe that we are soon in for another drop. 10 days into this correction, we are nearing the 21 day Moving average as well as resistance.

In order for my bearish sentiment to not be probable I think we have to see a completely different move that does not correspond with the earlier moves.

So if we rush past the 21DMA as well as 50DMA and we do in fact push out of the bearish trendline and perhaps even start pushing the big resistance at $7500 THEN I would start to consider the fact that this time it is indeed different in regards to this long bearish trend these past months.

Until then I remain bearish, and I am prepared for much lower prices.

 
 

 

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