As the saying goes: „the time to buy is when there’s blood in the streets.“ – Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family.
What’s next for the crypto market, was that it…?
For those keeping up with our price forecasts and our latest YouTube video, the current correction shouldn’t come as a surprise. As we closed our long positions a few days ago, we were getting ready for a correction down to $10,900, possibly even $10,000.
While it can be of advantage to take the contrarian sentiment of the market, and to buy when there’s figurative blood on the streets, it should always be clear that this approach is similar to catching a falling knife.
Therefore it is again important to technically evaluate where the correction might end!The point of our technical analysis, is finding the optimal entry points, to make the most out of the next rise in the market.
We generally steer clear of short positions, as the potential for profits is generally smaller. After all an asset might drop a maximum of 100%, but can rise by much more than that. It should therefore be clear that we are not shorting this correction. but are instead waiting for the perfect opportunity to buy cryptocurrencies at attractive discounts, to go along with Bitcoin on its way to the $13,800 mark.
The market is bearish for the short term, but Bitcoin should soon be able to recover, and reach the golden ratio resistance at $13,800!
Charting the entire crypto market give us…
The fact that the crypto market broke out of the symmetical triangle, was to be seen very bullish for the middle term. The enormous rise of the market, piggybacking the recent DeFi hype, is also a very bullish indicator. However, the market seems to be currently struggling to break the 0.382 Fib level, which lies at almost $360 Billion. Additionally, the MACD’s histogram is ticking lower, which also speaks in favor of a continuation of the current correction.
The total crypto market could fall back to the 0.382 Fib level, at the trendline of the symmetrical triangle, around $275 Billion, find strong support there, then start the next attempt to break the 0.382 Fib level at $360 Billion.
But the crypto market could already find support at $330 Billion, to retake its upward trend, because other important Fibonacci levels can be found there.
But how are things with Bitcoin?
Bitcoin bulls shouldn’t despair. As long as Bitcoin doesn’t fall under $10,000, things will still be looking middle term bullish for Bitcoin’s price!
But currently, it looks like Bitcoin will fall back to the 0.382 Fib level at the 50-Daily-EMA at $10,900. Should this support level break as well, Bitcoin should be able to have a strong bounce up at the golden ratio at $10,000.
Then, Bitcoin could carry on with its upwards trend back to $13,800.
After Bitcoin found its local high of $12,5000, a bearish divergence formed in the RSI, which had signaled the current correction we find ourselves in!
The daily chart is already showing the first bearish signs. The Bitcoin price finds itself in the bearish chart patter of the ascending wedge. while the RSI paints a bearish divergence. Also, the MACD lines have crossed bearishly and the histogram is ticking lower.
In our last Bitcoin forecast on August the 18th we wrote:
„ It is however not very clear how strong the correction will end up being. After all the weekly and monthly charts are still looking very bullish. The Bitcoin price could already bounce off at $10,000, or even earlier at the 0.382 Fib level at $10,900, to be once again able to test the resistance between $11,500 – $12,500. Is this resistance broken, Bitcoin would be able to move towards the golden ratio at $13,800. Only when a Bitcoin price of $13,800 is claimed for good, will we be able to speak of a bull run! „
What about Ethereum and our top altcoin picks?
The Ethereum price follows the development of Bitcoin. The temporary high was established at $448, and ever since Ethereum has been heading towards the 0.382 Fib level around $360. Should this level not hold, Ethereum could return to the golden ratio around $300. The MACD is also signaling a continuation of the correction.
Also with Ethereum, a bearish divergence has formed for the RSI in the daily chart, which is why we were able to foresee a correction.
Nevertheless, the Ethereum price looks fantastic for the middle term, and the weekly EMAs could soon establish a golden crossover, which would confirm the bullish upwards trend!
And our top picks Ren, Ocean, Sol, Kava, Akro?
Our top picks are also following the correction of Bitcoin and Ethereum.
- Ren: Strong support is waiting for Ren at the golden ratio around $0.309.
- Ocean Protocol: Ocean could see the end of its correction around either $0.49 or $0.33.
- Solana: Sol could have a strong bounce upwards around $3.1 or $2.43.
- Kava: Kava might return to the golden ratio around $3.20.
- Akro: Akro was already able to rise over 65%, after it reached the golden ratio support at $0.025. Akro might be heading back to this level soon.
Best Regards and successful trades
Want more crypto news and price analyses? Join CryptoTicker on Telegram and Twitter
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Bitcoin Price Forecast – Is Bitcoin Still On Its Way To $13,800 Or Is A Correction Overdue?
REN Price Forecast – Correction Targets Reached, Over 60% Profit!
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Bitcoin Price Prediction – Bitcoin Falls Under $11,000! How Low Will The BTC Price Drop?
IOTA Price Forecast – Will Germany’s Favorite Cryptocurrency Rise Now?
Bitcoin Halving in 2 days – BTC touches the $10,000 mark – Bitcoin Price Analysis!
Can Shiba Inu Price Reach 10 Cents?
Bitcoin Price Forecast – Is A Strong Price Increase Around The Corner?
Ocean Protocol Price Forecast – When Is A Re-Entry Possible?
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Chainlink Price Prediction – Attention! $Link price might be heading for a massive drop!
Is Bitcoin Entering A Bear Market?
Ethereum Price Prediction – Is Ethereum Still Heading To $550 Or Is It Over!?
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
REN Price Forecast – Correction Ended?! Can The REN Price Establish A New All Time High Now?
Bitcoin Cash (BCH) Price Analysis – Rejected at the Resistance at ±$265!
Conservative Prediction: Can XRP reach $5 in 2023?
EOS Price Forecast – Is A Bull Run Imminent?
Ocean Protocol Price Prediction – is a 10x Imminent?
Band Protocol Price Forecast – When Will BAND Continue Rising Again?
You might also like
More from Bitcoin
Bitcoin Price Analysis: Can Bitcoin reach 50K soon?
Can Bitcoin reach 50k soon as a consequence of the US banking crisis? Let's assess in this Bitcoin price analysis …
What is the Bitcoin CME gap?
Trading Bitcoin can follow many strategies. Do you use FA or TA? Are you a day trader, swing trader, scalper, …
Why is Bitcoin Crashing? Will Bitcoin crash to 10K?
Will Bitcoin crash to 10K? In this Bitcoin price prediction, we analyze why is Bitcoin down and the potential next …