GLOBAL PERSPECTIVES
For I dont see any signs of near future trend reverse, but I would like to show you some interesting points on monthly timeframe:
MARKET REVIEW
I would like to congratulate our dear subscribers with New Year!
Wish you strong health and a lot of profits in New 2019 Year!
Today's market review will consist from local further trend and global one.
LOCAL TREND
Locally I still expect my latest prediction about further drop. There are several reasons why I expect local drop with updating lower low after. One of the reason is about iH&S (inverted Head & Shoulders pattern). Too many people are waiting for the further rise because of this pattern.
Another addition to further drop is a recently formed "DIAMOND" pattern with the same targets as I posted previously when there was no diamond.
Hope you have already opened short, because for now price is 80 points lower than when my signal for short was posted. So dont forget to put stoploss for your opened orders, especially if you openned order with big amount.
YELLOW CIRCLES
TENKAN line crosses KIJUN line from top to down on 01.09.2018 which showed us change of the trend and continuation of downtrend. The same cross was on fall 2014.
BLUE RECTANGLES
With blue rectangles I showed comparison of the price with RSI data. Today RSI is at the same range as it was on 2015 when BTC started consolisdation at that RSI area before starting new rally.
No volumes is one of the main point against trend reverse to up, but lets look to fundamental part instead technical one.
1. ETF – many of us are still waiting for ETF approval on Feb 2019. Dont want write here details about ETF, I suppose all of you already know how ETF will be important for cryptomarket.
2. Bakkt – is trading platform where trading will be supplied with physical BTC delivery.
3. NYSE – announced launch of BTC futures on JAN 2019.
2019 will be a year of institutional and above mention three points could be a good condition for consolidation of new impulse for new bull run. If we see new TO THE MOON next year it will start no earlier than March-May of 2019.
And dont forget that BTC emission is limited with 21 millions of BTC and crypto is a well-known now around the world. I still believe in crypto and even this downtrend is a good opportuntity to prepare yourself and your wallet to accumulate crypro assets before new bull run starts!
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