Bitcoin Resloved to the Upside: Now What? by scaredycatguide

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cryptocurrency · @scaredycatguide · Aug 29 '18

$13.81

Bitcoin Resloved to the Upside: Now What?

Bitcoin broke the 6,800 level discussed in my last video.  It's time to look at our next price levels and what this recent move means to price action on a whole.

## Large Upside with Limited Downside?

If bitcoin can consolidate or even pullback to test and hold 6,800 that would be positive for price on a whole.  That is limited downside from current price right around 7k.  

On the flipside, we don't have any real pivot points or prior tops until 8,200-8,300 area.  If BTC can clear 7k there is alot of real estate to the upside to be had.

I talk about this and the resolution of my prior analysis in the video below...


<iframe width="560" height="315" src="https://www.youtube.com/embed/c0dqzF-geC0" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

<center>![Steemit_txtdvidr.png](https://steemitimages.com/DQmQALmjjiQfvMZNBY1AtHwNiZLf6jnD6P1yuGe4v25iHRe/Steemit_txtdvidr.png)</center>

#### <center>Need to learn the basics about bitcoin, the blockchain and wallets?  
Free e-book: [ScaredyCatGuide to Knowing What the Heck Bitcoin Is](https://scaredycatguide.com/scaredycatguide-to-bitcoin/)

![Scaredy Cat Guide Logo_FBcoversize2.jpg](https://steemitimages.com/DQmVxSVesocN4455goVSNEydGgs7sQqBrS4DGHw94qrP5sT/Scaredy%20Cat%20Guide%20Logo_FBcoversize2.jpg)

**Disclaimer: All info in this post is my opinion and for informational purposes only**</center>

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@bee84 · Aug 29 '18

hi @scaredycatguide .. there is a sudden spike in the daily volume .. I think some big shots have invested... anticipating some good news !!! ☺️

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)

👍 scaredycatguide

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@geekpowered · Aug 29 '18

$0.05

If you bought in at or near the low, this is good news already, but I think alts are a better bet right now. They moved further down in many cases, and can move a lot more. It kinda looks like bitcoin might still have a hill or two before we have the final move back skyward. Of course, by the time it reaches the point where we can be sure it's on it's way back up, it's likely a little late and will also be about time that some will take some profit and it'll drop a little. Of course, there's another buy-in opportunity.

👍 dustsweeper, milky-concrete, scaredycatguide

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@scaredycatguide · Aug 29 '18

Yes, the alts were way more volatile and many made lows beyond last November's pre-mania run.  Bitcoin never broke below those levels.

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@matthewwarn · Aug 29 '18

$0.47

Print more USDT...that’s what’s next

👍 matthewwarn

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@newageinv · Aug 29 '18

I wonder if the shorts are trying to still put on positions as the supply is getting limited and that could lead to more squeezes and forced liquidations.  I’m still on the ropes as volume still lacking excitement from either side.

👍 scaredycatguide

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@scaredycatguide · Aug 29 '18

Yeah, we are putting in early steps of positive price actions.  Still a ways to go before we are even in an uptrend.  I try to keep my expectations tame with crypto.

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@rhyscn · Aug 29 '18

I think we need some strong volume to push above 8k and hold. We have seen a number of false starts however, hopefully this time is different.

Thanks for your analysis.

👍 scaredycatguide

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@scaredycatguide · Aug 29 '18

Yeah, I'm really just hoping to maintain 7k and make a run up to the low 8k area.  Then re-evaluate there.

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@rhyscn · Aug 29 '18

+1

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@verifyme · Aug 30 '18

@scaredycatguide You have received a 100% upvote from @intro.bot because this post did not use any bidbots and you have not used bidbots in the last 30 days!

Upvoting this comment will help keep this service running.

👍 scaredycatguide

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