Bitcoin is at a critical level right now. Since BTC spear heads the market and decides the direction cryptocurrencys will go, it is important to understand when critical levels are being tested. Ever since 4/12/18 when the market got an unexpected amount of volume in a matter of 30 minutes, btc has remained above this 7750 range. The large amount of buy orders sent btc from the high 6k range instantly to 8300 before it retraced and established support around 7800. Weather this movement was organic or manipulation in order to close a lot of short positions has been debated but for this topic it doesn't particularly matter anymore. People jumped at the chance and bought BTC at these prices . Some people believe a reversal had happened and a bull run was imminent, others saw great opportunity to ride the wave and make great profit at the end of the run, which was around 9900. Below is a chart from 4/12/18 and the last green candle is the spike in question:
The problem now is simple, if it breaks this level there is not enough support to catch it on the way down, all the way to high 6k range and people will lose confidence very quickly. Volume has been real low the last 3 days even compared to the low volume the last two months. Btc in this case cannot handle a panic sell imo. Now just to put it out their even if this happens i believe it will be healthy for BTC AND IMO IT WILL RECOVER SUPER FAST AND REVERSE THE BEAR TREND WE HAVE BEEN IN.
Now if the opposite happens which is very likely considering a lot of good TA people saw this happening and expect us to bounce up off this level to go on a nice run . This is very possible considering RSI is looking really good and a lot of indicators are towards the end of their downswing. I honestly believe no matter which one of these happens we are really close to a bull run. No matter weather it goes to new lows I believe it will recover super fast this time around.
PLEASE POST YOUR OPINION AND LET US KNOW WHICH DIRECTION YOU THINK WE ARE HEADED. REMEMBER TO ALWAYS DO YOUR OWN RESEARCH AND EVERYTHING HERE IS MY PERSONAL OPINION.
next post is about Altcoins