Have you guys seen the sharp dips just hours ago? What is happening? According to our analyst, BTC price is heading for 8K, do you think it's possible? Feel free to leave your comments below.
Full version of analysis from Kuang Ren:
BTC:
BTC is very likely to start a new round of downtrend with the bearish news and gently-increasing volumes during the dip.
The destination for the price during such downward move may be around $8,000, which makes it important for us to avoid risks as the overall bearish sentiment is not over yet. I’ve been emphasizing on the fact that prices of all major coins are just bouncing but not reversed.
Altcoins:
The overall trend of altcoins today seemed weak except for XRP, NET, ADA, XLM, LSK and QTUM. Once it becomes weak, funds will get together and push those well-performed coins up.
XRP:
My analysis stays the same, i.e. current strength of momentum can’t set all locked positions at the high level free. Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. Therefore, a new all-time high is a window to reduce your positions.
ADA:
Floor is formed at high level and signs of defending price at such floor by main funds can be observed, indicating that the overall uptrend is not over yet. 2 directions for future market: firstly, main funds will dump their chips without any concerns as the holding costs are extremely low. Secondly, they will dump after another round of surge since profits will be decreased if chips are directly cleared. Lose-stopping price can be set at 0.000025 if you decide to go against the overall downtrend.
XLM:
Flirting with IBM caused the continuous surges during previous sessions, XLM still holds a chance to move in an independent manner as volumes don’t increase at high level and main funds keep their chips in pockets. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend.
LSK:
It shares the same logic with XLM as volumes don’t increase at high level and signs of defending price by main funds can be observed. Currently, price is digesting the surges at the floor formed at high level. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend after the digestion.
QTUM:
ADA shares some common features with QTUM including large-range surges, the continuous sideway move at high level and protection from main funds, which makes further gains possible, lose-stopping price can be set at 0.0029 if you decide to go against the overall downtrend after the digestion
Lose-stopping prices mentioned above must be strictly followed, once broken, positions must be cleared immediately. Keep in mind that information contained herein is strictly for information purposes only.
Original by Kuang Ren, translated and posted by AICoin Jami.
