SkyRock Signals

​​#Analysis

#BTC

Greetings, Everyone ! Several dramatic decreases have happened recently. Bitcoin had been stable for a long time before Bitmain announced Antminer S15 and T15. Release of new miners in December will disturb equilibrium of supply and demand . Due to low level of network difficulty new devices will produce a high income level. The market started to adjust price to new expected equilibrium point. Higher the supply is the lower is Bitcoin price. This caused the price fell down the first time. Long term holders and those, who bought huge amount of BTC when it was at $5 500 - $5 700 levels last time, hit their stop losses. That is why we observed the next quick drop at the chart. Lastly manipulations and price speculations have started. This caused the current fall to $3 800 level. Time passed and the second scenario from the previous analysis, which was the most probable, was rejected. Sudden announce and further speculations moved the price right to the fourth scenario: "...The price will reach the end of the bigger triangle and will sharply go down to the last year minimum. This will start a depression and stagnation of BTC and crypto..." As we can see the least probable scenario has happened. Nevertheless the situation is not critical and the best thing you can do is to calm down and relax. You should kill your "animal spirit" and trade wise. There are no signs of further break down through the major support at Fibonacci 1 retracement level. On the contrary technical indicators are bullish: Hidden divergence revealed by trend analysis and oscillator chart, oversold according to Stoch RSI and the price moved back to the Bollinger channel. We expect the price will slowly touch $2 800 level where lateral trend will replace the downtrend. Within next months there will be a bounce which will start a new growth wave and the price should quickly go back to the Fib 0.786 around $6 571 The most important recommendation for the short - mid term is to close all current positions. You should keep only the Long term part of your portfolio (top 10 and fundamentally strong ICO) and diversify you BTC holdings in proportion of 60% USD & 40% BTC . For the long term we suggest you to wait till the price reaches $3 000 - 3 100 level and start accumulate BTC making a full purchase at Fib 1 level with a high stop loss. There is still nothing to worry about, treat this situation like a total sell-out at the market where you can buy BTC and the strongest Alts very cheap Sincerely, SkyRock Signals team