Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on the crypto market.
A Tough Month Ahead For Crypto?
As we move through August, it looks like it could be a challenging period for the crypto market. It’s not just about prices going down, though that seems to be the general trend. Furthermore, the technical indicators are still pointing downward. On top of that, the fundamentals—the broader economic and financial factors—are not looking great either.
If you have been paying attention to the news, you have probably noticed a lot of negative sentiment and noise surrounding crypto. This negativity is pulling the market down further, and the reason behind it might be more complex than it appears. It’s still very much a game controlled by the rich and influential players in the market.
The upcoming election is one of the biggest events on the horizon that could shake things up. This could be the primary catalyst that finally drives crypto prices upward. But until that happens, there’s a chance that the big players—institutions and wealthy investors—might continue pushing prices down. Why? So they can buy in at a lower price and then pump the market back up after the election.
Technical Analysis
Bitcoin is now at support levels and could bounce back to around $60,000. However, it could still go down since it is also at the 200 MA level. Big institutions might push some negative news again, creating fear in the market and pushing prices down further.
Here’s my wild prediction: after we hit resistance at around $60,000 to $62,000, I think it will continue to drop and revisit the $52,000 to $50,000 levels. This could happen gradually until we get closer to the November elections.
Of course, this is just speculation. Markets are unpredictable, and while this scenario seems plausible, there’s always a chance that things could play out differently.
Final Thoughts
Staying alert and prepared for potential market movements is important as we progress through the upcoming months. The current landscape is uncertain, driven by negative sentiment and the anticipation of the forthcoming election. While big players might push prices down to create buying opportunities, this is one of many possible outcomes. Investors should remain cautious, keep an eye on both technical and fundamental signals, and be ready to adapt to whatever the market brings.
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