Bitcoin Looking Lower

Summary

Bitcoin has had a pretty slow week with many starting to get optimistic of achieving 10k again soon. I am firmly of the other side. I believe we will see the market dip to between $6,600 and $6,000 but don’t worry, it’s a very good thing! If you are looking to buy something with bitcoin in the next month, now might be the time to use it.

Transcript

Good day everybody, I hope you’re well. Hey, yeah it’s been a bit of a slow week this week, with the markets not doing a great deal at all, to be fair. So, I wanted to take you through the top 10 now, and just walk you through some of the things that I’m seeing, and just update you. The reason I’ve waited until this Saturday is, like I say, it’s been a slow week. All right, let’s have a look here on the daily, on Bitcoin right now we’ve definitely been struggling round that thousand, starting to see some more of those signs of bearishness coming back in again. And look, it’s not just because it’s a little red candle, alright? What I’m seeing is this. We failed – on this candle here, we failed to close above 8,000. 7,999, now that doesn’t mean it’s not gonna move higher. But, this little red candle that we’ve got right now is starting to show that maybe this will become a lower high, and will break down to new lower lows. On our way to between 6,600 or 6,000. I think somewhere around those two areas is probably realistic to suggest. Now, if I just jump to the 12 out here on Bitcoin, you’ll actually notice here there is a little bearish candle in the cradle zone. It’s in the correct order here. Now, of course, the next high timeframe is the daily. It’s not in the correct order. But, the 12 hour is. So, this is – it could be an early signal that we might see something going on. Of course, the four hour’s quite messy right there, not a great deal going on over the recent period of time that we’re seeing. But, it is struggling with 8,000. I do believe we will still see the market fall further. I think it will be very, very healthy to see us do so. So, where to from here? Well, on Bitcoin, not a great deal. Nothing there certainly yet for me to trade. Ethereum at the moment. Again, you can see here, what we’ve got is a little bearish candle right there. It’s not the most bearish, it’s down just. It’s just a tiny little red candle. There is one level that I may actually get a trade off of later, not yet. Which is this support through here 235.22 1, 2, nearly there, gotta come back down. Gotta touch it again, gotta get a lower high, gotta get a Bitcoin breakout. Don’t have it yet.

Again, pretty slow week there for Ethereum, obviously, you know, the most of the movement happening at the start of the week, there. Eos, again, it’s really done well to hold this 6 dollar area. Around number support and resistance which is what 6 dollars is at. Check it out, look, through here, we looked at it on the way up, I took that trade off of this point here – did very well from that. And now it just hit 6 dollars and bounced again. Once more, though, it does look like we are coming off a little bit, of course, people saying that they are hedged across, sorry, minimizing their risk across the top ten. Well, you know, Bitcoin falls, the rest of the market tends to fall as well. So, yeah, just be aware of that. On Lumen, look it’s just the messiest chart out there. On the daily, even on the weekly, it’s just a horrible, hideous mess I have no desire to be anywhere near it. XRP has been relatively average as well. Of course, we do simply have that lower high, lower low, but it’s not really that strong at the moment. Not had a good, strong trend for quite some time, I’m happy to sit out for the time being. Now Litecoin has been one of the stronger out of top ten. Hasn’t quite broken the new highs yet in that daily trend, but not far off. Pull back into that cradle, setting a bullish candle. Now I didn’t take that candle there. What I did do, is, I went down to the lower timeframe, did a video for my MarketView subscribers, down on the – I think it was a one hour here. Test 1, test 2, test 3 I wanted it to come up and break through here. Of course, it pulled back further then it broke. So it wasn’t a trade that I actually took. Of course now you can see that trend, how it’s played out, it’s been quite tasty. But no pullbacks for trading at the moment, and for me, right now again, my advice to myself is just sit back and wait and see what goes on.

Again, Bitcoin cash looks very similar. They’re struggling once again. Their sort of 8,000 dollar mark for Bitcoin has been the 400 for Bitcoin cash, and once again, it is having a tough time up around that 400 dollar mark. Nothing there for me just yet, waiting to see what goes on. On Binance, yep, we saw a little pullback in on the 2-day I think wouldn’t have looked as bad. Yeah but, again, I love trading when there’s a good amount of, I guess, confidence in a direction. There’s a nice little flat level forming there, I’ll chuck that on the list, keep an eye on it. I much prefer to be trading a market whereby there’s a confluence of agreement in direction. I’m just not seeing – I’m still seeing a fair bit of uncertainty. I’m not racing out to buy Binance at the minute. Tron is just sideways and a bit of a mess and finally, Kada also has been very sideways for a long time. So the signs for me right now are that Bitcoin does look more bearish than bullish. Why? Coz it’s on a dally down trend. I believe 6600 all the way down to 6000 is a worthy area for the market to move to. And I’d actually really like to see it happen. As I see it right now, I think we will get to new lows. Well, that could change very, very quickly. When I saw new lows, I mean on this pullback here. The only reason I’m saying that is because of the struggle of 8,000 it’s had and we are in a down trend on the daily. And the wick Lee is over-extended so just be aware, be ready and lets see what we can get back to. Will we get to 66? Or will we get the 6000? Either I am fine with. How’s it going, guys? Don’t forget – don’t forget! If you are in one of our cities: Sydney, Melbourne, Brisbane, Perth, Adelaide or Tasmania, even if you’re in Auckland, let us know, get in contact because we have got the live courses in classroom coming out. Have a great day, bye for now.

By Trader Cobb -

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