The Crypto Market Is Bleeding! When Does The Bloodbath End?

As the saying goes: „the time to buy is when there’s blood in the streets.“ – Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family.

What’s next for the crypto market, was that it…?

For those keeping up with our price forecasts and our latest YouTube video, the current correction shouldn’t come as a surprise. As we closed our long positions a few days ago, we were getting ready for a correction down to $10,900, possibly even $10,000.

While it can be of advantage to take the contrarian sentiment of the market, and to buy when there’s figurative blood on the streets, it should always be clear that this approach is similar to catching a falling knife.

Therefore it is again important to technically evaluate where the correction might end!The point of our technical analysis, is finding the optimal entry points, to make the most out of the next rise in the market.

We generally steer clear of short positions, as the potential for profits is generally smaller. After all an asset might drop a maximum of 100%, but can rise by much more than that. It should therefore be clear that we are not shorting this correction. but are instead waiting for the perfect opportunity to buy cryptocurrencies at attractive discounts, to go along with Bitcoin on its way to the $13,800 mark.

The market is bearish for the short term, but Bitcoin should soon be able to recover, and reach the golden ratio resistance at $13,800!

Charting the entire crypto market give us…

Crypto Market/USD Weekly – Tradingview
Crypto Market/USD Weekly – Tradingview

The fact that the crypto market broke out of the symmetical triangle, was to be seen very bullish for the middle term. The enormous rise of the market, piggybacking the recent DeFi hype, is also a very bullish indicator. However, the market seems to be currently struggling to break the 0.382 Fib level, which lies at almost $360 Billion. Additionally, the MACD’s histogram is ticking lower, which also speaks in favor of a continuation of the current correction.

The total crypto market could fall back to the 0.382 Fib level, at the trendline of the symmetrical triangle, around $275 Billion, find strong support there, then start the next attempt to break the 0.382 Fib level at $360 Billion.

But the crypto market could already find support at $330 Billion, to retake its upward trend, because other important Fibonacci levels can be found there.

But how are things with Bitcoin?

  XBT/USD Daily – Tradingview
XBT/USD Daily – Tradingview

Bitcoin bulls shouldn’t despair. As long as Bitcoin doesn’t fall under $10,000, things will still be looking middle term bullish for Bitcoin’s price!

But currently, it looks like Bitcoin will fall back to the 0.382 Fib level at the 50-Daily-EMA at $10,900. Should this support level break as well, Bitcoin should be able to have a strong bounce up at the golden ratio at $10,000.

Then, Bitcoin could carry on with its upwards trend back to $13,800.

After Bitcoin found its local high of $12,5000, a bearish divergence formed in the RSI, which had signaled the current correction we find ourselves in!

The daily chart is already showing the first bearish signs. The Bitcoin price finds itself in the bearish chart patter of the ascending wedge. while the RSI paints a bearish divergence. Also, the MACD lines have crossed bearishly and the histogram is ticking lower.

In our last Bitcoin forecast on August the 18th we wrote:

„ It is however not very clear how strong the correction will end up being. After all the weekly and monthly charts are still looking very bullish. The Bitcoin price could already bounce off at $10,000, or even earlier at the 0.382 Fib level at $10,900, to be once again able to test the resistance between $11,500 – $12,500. Is this resistance broken, Bitcoin would be able to move towards the golden ratio at $13,800. Only when a Bitcoin price of $13,800 is claimed for good, will we be able to speak of a bull run! „

What about Ethereum and our top altcoin picks?

ETH/USD Weekly – Tradingview
ETH/USD Weekly – Tradingview

The Ethereum price follows the development of Bitcoin. The temporary high was established at $448, and ever since Ethereum has been heading towards the 0.382 Fib level around $360. Should this level not hold, Ethereum could return to the golden ratio around $300. The MACD is also signaling a continuation of the correction.

Also with Ethereum, a bearish divergence has formed for the RSI in the daily chart, which is why we were able to foresee a correction.

Nevertheless, the Ethereum price looks fantastic for the middle term, and the weekly EMAs could soon establish a golden crossover, which would confirm the bullish upwards trend!

And our top picks Ren, Ocean, Sol, Kava, Akro?

Our top picks are also following the correction of Bitcoin and Ethereum.

  • Ren: Strong support is waiting for Ren at the golden ratio around $0.309.
  • Ocean Protocol: Ocean could see the end of its correction around either $0.49 or $0.33.
  • Solana: Sol could have a strong bounce upwards around $3.1 or $2,43.
  • Kava: Kava might return to the golden ratio around $3.20.
  • Akro: Akro was already able to rise over 65%, after it reached the golden ratio support at $0.025. Akro might be heading back to this level soon.

Best Regards and successful trades


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