Trader TheBoot, who successfully predicted market collapse, says there is still a lot of pain ahead. 3 days before the market meltdown by 8%, on August 25, TheBoot tweeted that it foresees a crash:
– $btc looks pretty bad. Shorted above 10k, today might be the last time we are at 5 digits for some time if we can close below the trendline I’d love to finally fill that 8.5k gap and go long around then. But it feels like if we go there we probably wick even lower.
Using methods of technical analysis, TheBoot predicts a drop to support level of $ 8500. But, in his opinion, this support level is highly likely become a new level of resistance:
– If we can close below the trendline I’d love to finally fill that 8.5k gap and go long around then. But it feels like if we go there we probably wick even lower.
TheBoot may be right this time again, because trading volumes are falling dramatically, and this, as a rule, leads to a drop in prices. Other analysts are also pessimistic. CoinDesk’s Omkar Godbole claims Bitcoin will drop below $ 9K:
– Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.
Technical analysts also argue that Bitcoin cannot break the resistance level of $ 10,300 and that is why it rolls down again and again:
– We can see that there is a heavy level of resistance we are failing to break at the $10,300s. The bulls want to see a strong push above, reclaiming that level as support.
A fundamental analysis concludes that the problem is in reducing trading volumes on the eve of Labor Day in the USA. According to fundamental analysts, the uptrend is highly likely to be continued on September 3.
When both approaches to analysis get together – it’s hard to argue!