Topic: 2018-06-03 Bitcoin Dips Below $11K Leaving Bulls on Shaky Ground (Read 97 times)
Me personally I don`t see bullish and uptrend more of a struggle between 400-470. It`s time to start the uptrend. The first moments when we see several green days probably we will go to 550 market cap.
Typical fake-news press. Bitcoin up and down, with clearly overall uptrend, whatever they say in press.
The article still says, that from a technical point of view, the next couple of days to weeks are decisive times for a bull or bear run of Bitcoin. There was a posting a few days ago, that the top BTC addresses stocked up in BTC, meaning this might be an indicator for an upcoming bull run. However, they also kept increasing their amount during the last couple of months. Let' see, what will come true.
I think 'we' need the confidence of the larger public for a new major bullrun to happen again. Average Joe rushed into the cryptomarket in the final months of 2017 as making large profits appeared very easy and almost automatic, but many were severely burned financially as the inevitable crash happened. Seriously, I've seen some folks timing those 'buy high sell low' moments extremely well. Anyways, it'll probably take some time for the masses to work up the courage again to invest (gamble?) into crypto and thus initiating the next bullrun.
Hardly newsworthy stuff. Boring in fact. Coindesk must be desperate.
Based on the technical analysis and price Actions I believed the overall market sentiments is still bullish, although the price was unable to break the resistance at $11600 having tested it several times means the pullback or retracement is temporary or short-term, The next price upsurge is definitely going to break the resistance.
Bitcoin Dips Below $11K Leaving Bulls on Shaky Ground
Having failed to scale a major resistance level on Monday, bitcoin (BTC) fell below the $11,000 mark soon before press time.
CoinDesk's Bitcoin Price Index (BPI) rose to an intraday high of $11,660 yesterday, yet closed the day (as per UTC) below the inverse head-and-shoulders neckline resistance of $11,600. The failure to hold above the critical resistance has not gone down well with the market as the cryptocurrency fell to a low of $10,890 today.
The rejection at the inverse head-and-shoulders neckline resistance and today's break below $11,000 look to have weakened the bull case on the technical charts, and a major positive move looks increasingly unlikely in the short-term.
Read the full story here: https://www.coindesk.com/bitcoin-dips-below-11k-leaving-bulls-on-shaky-ground/
Having failed to scale a major resistance level on Monday, bitcoin (BTC) fell below the $11,000 mark soon before press time.
CoinDesk's Bitcoin Price Index (BPI) rose to an intraday high of $11,660 yesterday, yet closed the day (as per UTC) below the inverse head-and-shoulders neckline resistance of $11,600. The failure to hold above the critical resistance has not gone down well with the market as the cryptocurrency fell to a low of $10,890 today.
The rejection at the inverse head-and-shoulders neckline resistance and today's break below $11,000 look to have weakened the bull case on the technical charts, and a major positive move looks increasingly unlikely in the short-term.
Read the full story here: https://www.coindesk.com/bitcoin-dips-below-11k-leaving-bulls-on-shaky-ground/
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