10/06/2019/23:00CET
BTC is hovering and retesting the 8k levels. What does this mean for price action in the near term?

BTCUSD Daily on Bitstamp

• BTC is trading at 7915USD at press time
• There have been a few tests of resistance at 8k over the past 4 days and all have been rejected
• 8k happens to be were our 21 dema sits at the moment.
• #BTC has to convincingly get on top of this indicator to show a renewal of the bull trend.
• Volumes are starting to peter out which does not bode positively for a breakout

The macro picture is what matters right now

BTCUSD Weekly on Bitstamp

• This view really shows us the power of the reversal from our lows of the low 3k at the start of the year.
• This powerfull movement has seen BTC have a 200% gain!
• But at this scale it is clear the bull run has run into resistance.
• The odds favour a retracement to the 21 weekly moving average which is at 6200 at the moment
• This prognosis is supported by the lower half of the 6k range being where we hovered for sooooo long last year.
  
• TA is no exacting science, but it is followed by a huge cross section of the professional trading community.
• Just by this fact alone, the glaring Technical analysis that we will revisit the lower half of the 6k range make this virtually a certain self fulfilling prophecy.
• The odds are strong we will have a desperate revisit of these levels.
• And it will be the last time we ever see BTC at these levels.
• I know this is the same prognosis I gave the last update, but price action since then has only reinforced this analysis.

Macro economics

• The US fed is talking about easing!
• It is only a few months ago all voices were tooting how strong the US economy was. What happened.
• The narrative of "everything is fine" certainly does not jell with rate cuts.
• And the rest of the world is following suite with easing narratives.
• The stock markets seem to like it for now but they will soon turn around and realise (too late) that the music has stopped.
• How will BTC, and the crypto complex hold up under a free fall? Anyones guess.
  This will be the big test of BTC. The big leagues you may say!
• Popcorn anyone?
  
  
  
  
  As always guys, leave comments, have fun and trade safe.

Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.