Hi all. Let me present you my latest Bitcoin (BTC) analysis. First of all let`s check what caused this huge dump. The main reason must be the COVID19 world threat and yes if you think the same you`re definitely right. But… and this is quite big “BUT”, there`s also some other rumors at which I want to drew attention too. The first one is Whales. Yes they`re greed. Yes they`re powerful. And yes, they have all the resources to manipulate the market for the simple target… to accumulate more coins at the lowest price possible. In evidence of this (or kind of evidence) I can point the number of BTC whales during this dump – more than 1940. The second rumor which i`ve heard lately and it`s VERY interesting is that this dump was caused by the miners, big miners and they`ve used COVID19 as a look-alike trigger. In front of the halvening, big miners wanted to destruct small ones with sell off and that must be started from 15th of February. As you must know after the halving this May: 1. The production and the profitability of/from BTC will be cut in half. 2. The expenses to mine will stay the same or even bigger if there`s inflation. 3. The miners will be the same number as now. And from 1,2 and 3 is popping a problem – competition. How the big miners can destruct the competition of small ones and get them out of business before the halvening? Easy. With big sell offs, pushing the price down and down till the small ones become unprofitable and capitulate. Like I said this is just a rumor but it`s very interesting one and may be the latest hashrate is kind of evidence for this theory (about 30% decrease from the latest ATH). Now let`s get to the technicals. 1. Pivot point for this week is $5794.92 Weekly candle close above it – GOOD. Weekly candle close below it – bad. 2. 200 Weekly SMA – price is back above it – GOOD. 3. Resistances: 1st $6400 (by previous PA) 2nd $7300 (by 61.8 fibo level and previous PA) 3rd $7800 (by previous PA) 4th $8500 (by 50% fibo level and previous PA) 4. Supports: 1st $5300 (by 78.6 fibo level and previous PA) 2nd $4100 (by previous PA) 5. And last but not least check the purple marks. In short, every time when we see such high volume and such highs or lows in price, the trend reversed afterwards. P.S. Last thing which i`ve checked is Crypto Fear & Greed Index. It shows extreme fear and I have a moto: “Buy the fear and sell the greed.” That is my vision for the latest circumstances and the future possibilities about Bitcoin.
The Federal Reserve is now printing INFINITE Dollars with 0% interest. $USD will soon be WORTH LESS. The time has come to be your own bank fellas and look for gold or bitcoin instead, bitcoin has already started going up(source - https://bitcoin-pris.se/) and there's good profits if this trend keeps going.
For those of you who has alot of dollars time is of the essence, few hours ago somebody just bought 1000 BTC with USD over kraken, and that's likely not the last whale to come, soon big corp around the world are possibly going to get rid of their dollars which could mean that we're looking at an all time high for Bitcoin and other crypto currency as the monetary market is crumbling and resources gets harder to transport because of the virus and politics.
I think Bitcoin will rise to a max of 6694.90 and then go down again to 5781.00. If anyone was going to sell btc's, it's time to do it. Or you should wait out these movements and expect a price increase above 7k. But with the current situation, I don't know when this happen.