Once again bears won buyers defeated, new traders losing money. CARTELS/CONSORTIUM/WHALES making money out of other traders losses, creating selling pressure consistently whenever everyone expecting bull trend is about to come and these CARTELS/CONSORTIUM/WHALES accumulating more Bitcoins and Altcoins at lower prices.
The market has changed its direction after CME launched, the long-term buyer has no need to worry everything is ok in long term, mid term buyer is stuck not able to generate profit instead accrued losses, short-term buyers enjoying booking 10 to 30 % profit within every 15-20 days.
If you look at the sequences of news came out in last 20 days then you can observe how and why market collapsed after every few billions $ entered in the market. Warren Buffet and Charlie Munger made some bizarre statement about BITCOIN within 2 days after their statement market corrected by few hundred dollars, then few more negative news kicked in South Korea exchange (UPBIT) raided on suspicion of Manipulating their Balance sheet and few negative price analysis came out and coincidently market crashed by 2000$ from 9990$ to 7900$. But this is not the first time this kind of series of news coincidence is happening if you look at the past charts and related with some news you can come to know what is happening here. It sounds very strange but its true CARTELS has entered in this market and they are destroying market at a very perfect time in a very perfectly coordinated way.
I will bring one full article on this soon for you, wherein we will discuss everything in detail. For now, let’s talk abt market and understand where CRYPTO market is heading and what next for us.
On 21st of May, we had published BTC analysis in which we already predicted BTC can test 7800$ and below 7800$ Red alert same happened BTC dropped to 7500$. 50 Bln $ pulled out from the market within 48 hours now the total market cap is 340 Bln $ and it was 390 Bln $ on 21st may. Now what next
Top 100 coins on Coinmarketcap all are in Red except few. Skycoin is the only coin in top 100 increased by 45 percent following its listing in Binance yesterday (23 March).
At the time of writing BTC trading at 7666$ , ETH 599$ , XRP .61 $ , BCH 1025 $ , EOS 11.25 $ , ETC 15.22 $ . Now It seems damage has done in market and we can expect upward movement from here but as I already mentioned in 21st May analysis till the time BTC remain below 7800$ red alert remain on, Recovery above 8k$ will take BTC out of danger zone and if buyers will remain successful in showing their strength against bear, we can soon see BTC testing 8500$ level.
NOTE: Further damage to current price will retest 7500$ level and if bears manage to break this level then it will open the gate for more damage and BTC can retest 7000$ price.
The overall market looks in bad shape but it seems damage has done, next 48 hours will be decisive in shaping market direction. Recovery above 8000 $ price give some relief and break below 7500 $ create negative pressure on the market.
Now for short-term traders this is a buying opportunity, today buy will give you 20 percent profit soon. For Midterm buyers only suggestion is ”HODL”, long-term buyers have no need to worry everything is ok in long-term Bitcoin will not die before 100k $ price.
Analysis By – Neeraj Goel