Why BTC will fall - A quick technical overview on BTCUSD
It is my understanding from common sense and technical stand point that BTC will fall.
History repeats itself, period !
Any technical trader would agree that markets repeats itself and it is evident from charts. Back in 2013, when BTC took a 10x leap, market gone bonkers. The same event is repeating itself now.
Look at this weekly chart, see the year 2013 highlighted on right side of the chart and what has happened to the price after that. Now, look at the current price on right side of the chart...!
From technical stand point -
- the price cannot sustain if the angle of the rise is too steep.
- The current demand for BTC is not real and it is hyped to certain extent.
- Price discounts everything. When the artificial demand evaporates, the price will comes down to its real value.
With that said, I am looking at the price range of $1200 - $1400 for BTC to find the support.
However, if an institutional investor or bank enters to sustain the price, we can witness fresh inflow of demand and that will change the course of this currency.
Lets see what happens.
I agree it may fall, but it will find resistance in upward of $2000 area.
What may be a dramatic event is IF hard-fork happens, what it might mean from a price volatility perspective as well as - which version market accepts...that is what I am more curious to see!
Depending on how August shapes - BTC will see some action (whether for good or worse)
Hey guys. Good to see more traders coming over to Steemit. I've given you both a follow.
I'm not sure I totally agree with your BIG pullback targets, or the fact that is 'has to' pull back. It really doesn't.
Anyway, my last technical analysis blog was a short term look at BTC/USD. Check it out and let me know what you think.
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