$BTC.X $ETH.X It was the end of October 2017 when the Bitcoin market became crazy, euphoria and the stories of Lambos and overnight self made millionaires flooded the forums and news outlets. Nobody can predict the future, if someone says so, that someone is just in the best case scenario "guestimating" it. However we all can see the behavior of a market and forecast the outcome after a pattern, either technical or behavioral.
The crypto market has been consolidating after its extreme euphoric climax last year, after the futures market was launched. This was the big short for a lot of investors who either exited during the first dips or are waiting to make sure this thing goes to "zero". What has happened is this has found a Stronghold support above 6,000 and resistance below 6,500, creating an extremely narrow trading range.
The technical metrics say the momentum has gone to near zero, the trend has consolidated, the moving averages are extremely compressed, the trading range is almost null, the dips are immediately absorbed by the market, the bad advertising has simply been ignored by the "HODL"-ers, there are no weak hands here, and the reading of the market is a big explosion to the upside that will be similar to what we saw last year.
Those who bought at 10,000 or above and held the cryptos will be looking to exit the market at those levels, so on its way to the upside those buyers will become sellers to break even. The imbalance in this market will determine if its previous ATH will be retest. And what we can expect are targets at 20,000. If the bears raise the claw and bring it down, then we can expect the same big short as we saw during its big decline.
Never a dull moment in the crypto market
The crypto market has been consolidating after its extreme euphoric climax last year, after the futures market was launched. This was the big short for a lot of investors who either exited during the first dips or are waiting to make sure this thing goes to "zero". What has happened is this has found a Stronghold support above 6,000 and resistance below 6,500, creating an extremely narrow trading range.
The technical metrics say the momentum has gone to near zero, the trend has consolidated, the moving averages are extremely compressed, the trading range is almost null, the dips are immediately absorbed by the market, the bad advertising has simply been ignored by the "HODL"-ers, there are no weak hands here, and the reading of the market is a big explosion to the upside that will be similar to what we saw last year.
Those who bought at 10,000 or above and held the cryptos will be looking to exit the market at those levels, so on its way to the upside those buyers will become sellers to break even. The imbalance in this market will determine if its previous ATH will be retest. And what we can expect are targets at 20,000. If the bears raise the claw and bring it down, then we can expect the same big short as we saw during its big decline.
Never a dull moment in the crypto market