5750 USD (~Feb 10th) MAX Bottom - May rebound soon, RSI Oversold

5 feb 2018

5750 USD per BTC is my current MAX Bottom target.

The price could rebound before this however, because RSI is Oversold.

I do actually believe that global events/news + a concentrated effort by wealthy individuals/groups to push the price of BTC down, is the bigger cause of this price decline, something that cannot be accurately predicted by technical analysis.

I will try to explain my analysis more, and post updates soon, if time allows.

5 feb 2018

Nota

As I mentioned earlier: "global events/news" ... "is the bigger cause of this price decline"

Today's price drop wasn't likely a naturally ongoing price correction, but more due to negative news (each subsequent story conveniently timed) working to push crypto prices further down.


Ban Complete: China Blocks Foreign Crypto Exchanges To Counter ‘Financial Risks’
cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks

Bitcoin Dips Below 7k Amidst News of China’s Full Ban of Cryptocurrency Exchanges
cointelegraph.com/news/bitcoin-dips-below-7k-amidst-news-of-chinas-full-ban-of-cryptocurrency-exchanges


Again, as I mentioned:
"something that cannot be accurately predicted by technical analysis" alone,
however, we can use TA to estimate support levels where even negative global news will have a difficult time pushing the price lower.

Additionally, most of the current and recent sellers are likely newcomers into crypto, many of whom bought in around all-time-high prices.

This correction will shake out a lot of the weaker traders, while lots of strong, experienced crypto holders will refuse to sell any lower.

Strong sell resistance will be met very soon.
Now is a good time to keep Holding and/or Buy.
(I am doing both)