WOW ! what an evening, to see what just unfolded in real time was great. The sudden $800 drop off bitcoin in under 2 seconds was just crazy. While it was the first time I got to see first hand the way Bitcoin can move, it was a friend of mine who brought it to my attention while I was having a peaceful evening waiting for my 9pm window to write my analysis on the market. I choose this time as its in the last hour before the US trading day is over. At least in the forex market this a great time to see where price may close, but in the crypto world its 24/7 babeeeeeey lol
STOP BUYING BITCOIN….NOW!
This is not click bait, and I have tried to keep this analysis as clean and simple as possible. To show you what is happening I have removed the wicks/shadows on the so even a child can understand this setup.
We all need to get $20000 for BTC out of our head because while we might get there, we are not going to get there this month or next. Look closely at the chart and you can see we have hit the top of the bodies for both the end of the uptrend in 2017 and the start of the downtrend in 2018. If this is not the most prominent warning sign in the BTC chart right now then what else is. In 2017 at the peak of the bull run we went for five months straights not closing below the month before opening price. In 2019 we had done exactly the same thing but this time the market reacted to every possible event like we are destined for $20000.
Even as I type the hard sell just happened, but I am not going to put the wicks/ shadows back on this chart.
Conclusion: Sorry but I need to rush this out asap to warn people. Please wait for the price to come back to $10000. Remember at the high of the monthly candle we hit $13800 which is so close to the $14000 resistance point. the true 50% mark is $7000, not $10000. I can only apologise for this being so brief but just stay patient.
Litecoin – The potential is in the “lite”
BTC has just bounced off the 14K price point, and Litecoin is holding firm for now. It shows that cryptocurrencies / Alt coins are paving their path away from their older brother. This does not change the fact that the market is still very much correlated, but the is a little less crazy in LTC.
Now be warned, We are going to move into next month with what I believe is the summer sale before the winter move on the crypto market. We need to test the $120 for Litecoin shown on the monthly chart, which could mean there will be a lot of stressed and panicking traders/investors. $115 is where I would say is 50% of the real all-time high. Forget the wicks/shadows on the because they show where prices have been in the extreme case. You want to be looking at the bodies of where the price has closed for the month. Litecoins true top is $230, and we are only 50% of the way there.
Conclusions: Litecoin has made some great moves this year, and in the grand scheme of the monthly chart, we still have a long way to go. With BTC going crazy we could see a nice pullback below $115. If this happens, then it is an excellent opportunity to load back up on Litecoin. I get more excited about the downtrend than the uptrends because these are the times where you can get a great deal on the crypto market.
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“Patience is the key to any market” – Nathaniel.
Thank you for your love and support.
Nathaniel – “The value Trader”
Little Big Movement / IONIC Capital