The last days were more than volatile. Bitcoin broke down nearly 50% and dragged everything else with it into the abyss. The bottom went deeper and deeper. And it looks like the prophecy of Arthur Hayes, the CEO of BitMex, the notorious synthetic derivative exchange for crypto, has come true:
— Arthur Hayes (@CryptoHayes) August 15, 2018
Ethereum reached a low of $97,60 as of today in the perpetual swap on Bitmex and is thus a “double digit shitcoin” again.
Bitcoin Looking for a Bottom
Let’s look at Bitcoin, the total market cap and sentiment before that weekly close.
After cutting right through the monthly orderblock (blue box) Bitcoin found a temporary bottom at the weekly support of about $3,6k. If this breaks the next support would be around $3k. There remains a big untested gap between about $1,3k abd $1,8k (red box). If we break through $3k there is a high probability we fill this gap. On the monthly we also have a bearish TK-cross on the Ichimoku which adds to the bearish sentiment (no picture).
Total Marketcap and Sentiment
The total market cap got hammered down too and nearly lost about 50% in the last 10 days, hovering at about $120 billion. The Chikou-span got rejected by the cloud – for now. The whole system ist extremely volatile and fragile.
A look at the sentiment shows we have switched to extreme fear again. The last weak hands get shaken out the market as of now.
There are rivers of blood in the street, people panicking, the last “HODL”ers lose their faith. But remember the words of Baron Rothschild:
“The time to buy is when there’s blood in the streets”
And Rothschild should know. He made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon. The author of this article can’t say if his words can be seen as financial advice, in case of doubt, please contact Mr. Rothschild or his descendants directly.
The Next Prophecy
So Arthur Hayes prediction of Ethereum being a “double digit shitcoin” came true. But he made another prediction:
Bitcoin to $50k before the end of the year? This is more than a prediction this is a prophecy. In five weeks we will know if this black magic clearvoyant is really superior to the voodoo oracles of “CNBC fast money”…
This article was written by the Hochfrequenz-Tulpentradingbot
Header-picture by Mohamed Adel – CC BY-SA 4.0