“Bitcoin Price – 2018” Macro Analysis by Jackson Zeng, COO Caleb and Brown
In the 2018 macro picture, bitcoin has been declining with consistently strong support at the $6000 mark. A couple weeks ago at the most recent drop, I went on Coincast TV on Sky News Business to assert my bullish position on bitcoin at $6200.
Since the low of $5850, Bitcoin has seen a recovery of 27% to $7430 over the last two weeks, in line with the sharp recoveries seen Feb 6, Apr 1, Jun 24, Aug 14. Year to date, there appears to be a roughly 30-day market attention period where price will recover after dropping to $6000.
Following the descending trend line, we’re anticipating the price to not exceed $7600 before continuing the decline along the macro bear trend. And based on the short action Yesterday, it seems someone else has a similar idea.
Sunday between 4pm and 7pm, 10k BTC worth of shorts were accumulated on Bitfinex.
This is also compounded by an expectation that the CBOE ETF decision due Sep 30 will be delayed.
In conclusion, expect the negative price movement to return shortly and sit tight for the next market update where the market closes in on an impending breakout of the year-long trend.
Jackson Zeng, COO at Caleb and Brown, is available to guide new and seasoned investors.
About Jackson Zeng:
Jackson has five years of trading experience in the cryptocurrency space and founded Bit By Bit Capital, one of Australia’s first private trusts investing in cryptocurrency.
Expert view from other sources:
CNBC’s ‘Crypto Trader’ Predicts Bitcoin Shorts ‘Will Get REKT’ – On Sunday (2 September 2018, 20:19 UTC), Ran NeuNer, the host of CNBC’s “Crypto Trader”, said on Twitter that the $100 million in new Tether (USDT) reportedly sent to crypto exchange Bitfinex suggested that if the Bitcoin (BTC) price went up, the shorts would get “REKT.”
Call Jackson on +61 1800 849 149 or Contact Us to discuss further.