has been in a continuous downtrend since it broke the at 5700 and shows no signs of reversal at all. Furthermore, a can be spotted on the 4hour chart that could bring the price towards 3300-3400. In my post, almost 2 months ago I was discounting a possibility of such scenario and for now, it plays pretty well (check the chart below). The bottom is definitely somewhere close, and there are clear signs that big whales are slowly accumulating huge amounts of from the longer term investors that are panicaly selling the coin.
From the weekly chart on the right we can see that we are currently testing the 200d , which is the only hope that the price would bounce from the current levels, but for me thats the only indicator of the bottom. Everything else being , at least in the short-term perspective. From the VPVR ( Indicator) it can be seen that we are currently at an important and a break below the 4200 price handle will easily bring us towards the next level of 3300-3400. The following level serves as an extremely important established on September 2017. I personally expect that around those levels the buying will skyrocket and the price will bounce back towards 5k-6k. To add more meaning to this , if the , which can be seen on the 4h chart plays out, the (Minimum Price Objective), projected from the base of the pattern lies exactly around that 3300 level. By that time the weekly momentum indicators (both the and ) will get to extreme oversold levels which in return will give us a buy signal and hopefully we will see a strong bounce before by the end of this year. But that is just one scenario.
The second scenario that I see is that the price will find a bottom much below the 3k handle. If the triangle will play out (weekly chart) the price drop can accelerate towards 1700-2000 USD. That sounds like a nightmare, but can be quite possible if the big whales will not be satisfied and will not accumulate enough.
Nether-the-less, there is quite a good opportunity for the short-term traders to trade the bear market. A short trade can be opened on the break of the targeting 3400 price level. After, a longer-term buy trade can be opened, but personally will be waiting for a bottoming pattern to be formed.
In both cases, I see a bright future for the and am one of those people who believe that both the technology adoption and the price of some major cryptocurrencies will skyrocket throughout the nest 2-3 years. Taking into account all of the positive developments around , especially the launch of the in January and the latest regulatory work, will drive the institutional investment adoption, it is quite possible we will see at 100k soon 🙂
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Published at Sat, 24 Nov 2018 15:04:00 +0000
