For last few weeks we are into Pause into cryoto currencies once Bitcoin and Ethereum tested $3000 and $400..
Usually market retrace back after Profits Taking and Major Trend continues after pullback and we are still in that phase but question is will it be Pullback or deep dam Penetration..?
As a trader.. i make my analysis using some of the patterns and market reading and i dare to say if we don't take out Tops ( highs ) of Bitcoin and Ethereum then we are going deep deeper..
Bitcoin left some bearish patterns close to 580$ and Ethereum at 45$ so far both currencies are into sellers hand and if these will remain bearish then crypto market will remain bearish with more fall..
So far Bitcoin still holding ground above $2k and Ethereum lost half of its price after rumors of Vitalik Buterin's death (but technically charts were saying Ethereum will fall, remaining below 400$). So rumour was just to give weight to sell side.. I posted my charts of Ethereum Fall before Rumour of Vitalik Buterin's death.
If someone is trader then he or she knows how rumors worked in market to have profits... It's all part of trading and no body cares because it's working and usually Big Sharks.. Banks and Hedge Funds always do such activities timely!
The 2 driver crypto currencies are in Pause and in fall so untill and unless Bitcoin and Ethereum will not turn bullish.. there is big possibility we will see more deeper Penetrations in Currencies!!!
I posted in my blogs 3 weeks ago that crypto market will turn into Pause as we have tested Big Figures in currencies and news of Bitcoin (BIP148) will turn market bearish and it did..
Market yesterday touched significant figures in currencies and today we saw some relief with retace up.. i was projecting Stratis @ 2.5$ from 11$ due to its bearish patterns and yesterday it touched and now up.
As per my analysis and market reading we will again see some up move but limited and short as i think Bitcoin will crack down below $2k as it left many bearish patterns at $1550, $1200 and $600.. So untill and unless it crack above 3000$ we will go very deep in Bitcoin and it will drive market down... One thing to note that Currencies follow Major Driver.. so if Fall in Bitcoin then more Blood.. Let's see as for now i think we will see some up move but limited due to news of BIP148 on 1st August..
Long term market is very Bullish and i bought some currencies after plunge down but for short term it's Extremely Bearish as well.. So all i wanted to say is to careful buying high value currencies.. things can go both ways.. i personally like cheap currencies and there are lots of in market after yesterday plunge..
BIP148 is key news and it can drive market both ways... so for now i see more downside in currencies but once again all in all on Bitcoin and Ethereum breakout!!!
Steem On!