In the last analysis, we observed an ascending triangle which is a bullish pattern.
Unfortunately, the price fell down but stopped at 10K which is the resistance from April 2018 and the resistance from the end of June 2019.
It looks like a really good re-buying opportunity.
We don’t think we will stay at this level for long.
100M of Tether was printed, the number of transactions on BTC blockchain is a record high again.
This looks like a deep correction. 30% correction happens in the bull run.
Take a look at 2017.
Here are further technical analysis details:
• Ichimoku Cloud – the price fall below TenkanSen and KijSen – this is bearish. The safest re-buy will be once the price crosses up TenkanSen(red line).
• The support of the ascending triangle failed.
• The support at 10K is still valid.
• WBM Buy/Sell – the price is oversold – it looks like a good re-buy opportunity. Every time it turned red we had a pump afterward.
• Weis Waves – not much demand so far. We expect smaller red waves (supply) and new bigger green waves (demand)
So this is it.
In general, we are positive about the future of BTC.
For sure this price dump was present due to the fact that someone wanted to buy/rebuy it cheaper.
Let us know what you are planning to do with your BTCs.