BTCUSD broke below the support levels 7250.0 and 7000.0 this night reached the 6650.0 support, now fluctuates around the 7000.0 level. From the lower point break of the 6650.0 support will send the pair to the February lows at 6000.0. From the upside - the come back above the 7250.0 level and Global Bullish trend line will increase support power of the 6000.0 - 7000.0 zone. Rapid recovery of current bottoms could also mean that yesterday's dive was a market manipulation to buy Bitcoin cheaper before growth. **Today forecast:** Lateral movement in the 6650.0 – 7250.0 zone. Latest news: The overall market slump could be attributed to both Twitter’s recent announcement that would ban crypto-related ads, following on the heels of similar announcements from Google and Facebook. In response to the social media advertisement bans, crypto and Blockchain associations in Russia, South Korea, and China have created a joint association to sue the social media giants, including Yandex, referring to the bans as “market manipulation” and “monopolies.” Regulatory crackdowns on crypto could also be compounding the market’s downward trend; as two Japanese exchanges, this week have decided to close instead of working with regulators for compliance.
According to my JOES-fractal analysis we will not get further down, but climbing up to maybe 8500 within a few days.
That will be the last highest point for a long time!
After that a down-fall to probably 4000.
So watch it and be carefull!
DestinationMoonCrypto
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@cryptopaatje, Thank you for sharing your opinion. It is always good to hear as many ideas as possible.
Personally, I can not predict in the long term.
I adhere to the opinion that technical analysis is a subjective way of forecasting and can simultaneously represent coordinately different points of view.
I try to use analysis of levels and support zones to determine the current mood of the market and the zones in which it is profitable for big investors to purchase large volumes. As, for example, the zone 6000.0 - 7000.0. Or now, regarding the latest controversy of Tone Vays, who see a bottom at the 1300 USD, I even do not know, do not want to believe that... But a lot of people will listen to him.
In my opinion, the main driver of the market is the news background and general acceptance of the cryptocurrency up to the level of the governments. As long as people believe that bitcoin will be in the future, it is worse holding :)
Sorry for long reply, sometimes I like to philosophize.
After my discovery of the JOES-fractal I would say: nothing is really influencing the market that much!
It's unbelievable how the same movements are being made time and time again.
See for yourself the resemblance at the moment with the 2014 fractals.
Sometimes I can't believe my eyes: exact same curls, hooks and spikes etc.
The influence of news, whales hacks etc. could disturb the exact moves, but overall......it's unbelievable.
It must have something to do with collectivism, fractalism or....esotherism?
End of the philosophical part!
But it gives us a unique way of following the BTCprice (every stock, asset or crypto!!) from day to day and from hour to hour.
It's difficult, but a great lead!! You wil not find it elsewhere!
After a lot of studying and still,
we're trying now to make some money out of it.
Happy trading with this knowledge for you too!
DestinationMoonCrypto
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@cryptopaatje, It sounds very interesting. I'll be sure to study this topic.
To the last, I can conclude that in technical analysis the main thing is not to confuse the desired and given.
Wish you good trading sir :)