Bitcoin was a great story so far. There was a proper euphoria with comments like “bitcoin price can only go up” and similar, expectations were high and everyone thought trading cryptos or doing some kind of business in the field is like a walk in the park. It seems that this is slowly but surely ending, at least for now; it was sweet while lasted.
When everyone I know, who by the way are everything but experts in financial markets, talk about it, is time to get worried. So let me start with showing you my tweet from 3 weeks ago and continue with a tweet from this Friday.
— Domen Butala (@DomenButala) July 14, 2017
10 days ago I thought bitcoin might be getting ready for another leg higher, but the price action just wasn’t constructive enough to support the view so it was very soon clear there might be trouble ahead. Rather than a continuation, bitcoin formed a classical top formation and there is a very high likelihood bitcoin price falls to $1550 and I also wouldn’t be surprised if the price falls down to around $1200. All other smaller cryptos should follow bitcoin’s path as well…