Bitcoin along with most of Crypts are on roller coaster ride for the past few weeks, And there is much explanation to do with latest ICO's and all sorts of speculation in coin world.
But did the fundamentals of the cryptos lost ?? I would say "NO" as its a noise within this space and we have to cancel them if your long term investor.
Let me take the technical look:
Bitcoin and rest of the cryptos have moved almost parabolic in nature which is not a good sign going forward as always needs back and filling, And it needs a correction which is healthy.After moving from 800 last july to 3000 this july which is almost close to 200% gain, not a good sign for any investment.
Currently its making a rounding top which is bearish in nature and its hit the support around $1800 which is temporary support and is offering a reflex bounce which will take us to $2400 at max.Once the $2400 is hit then it rolls down to $1800 and bounce back and forth between $1800 and $1700 before it loses support @ $1700 and will flush back to $1200-$1300 zone to have consolidation where maximum accumulation would take place where its major BUYING opportunity and buy with both the hands.
Resistance: $2400ish (Sell at this area)
Support 1: $1800ish (Caution in buying average out)
Support 2: $1200ish (Buying area)
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