By Jeff Clark – the editor of the Delta Report Newsletter
About two weeks ago, we took a look at bitcoin’s recent drop… and what would come next.
The King of Cryptocurrencies had fallen fast – from over $10,000 to over $8,000 in just a few weeks. And, a bounce appeared to be in the cards…
But, given the setup, we figured any sort of bounce would be short-lived.
I got a bit of flack for that prediction. Most folks saw it as a buying opportunity… and were rushing to buy bitcoin for “just” $8,000.
But, as is typical when the rest of the world leans bullish, I saw something different.
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Bitcoin just wasn’t in a place to bounce the way most people were hoping. A lot of technical damage had been done.
And, while I conceded that an oversold bounce was likely the next move, it looked to me like it wouldn’t last.
That’s just about exactly how it turned out.
Here’s the chart I sent you two weeks back, showing my projection for the price of bitcoin…
And here’s what bitcoin looks like today…
As you can see, the bounce we got was about half as strong as I thought it would be… and I was leaning bearish to begin with.
The bounce in the MACD and RSI indicators was also much weaker than I predicted. The momentum in bitcoin is running dry… And the picture now looks even more dire.
Unless bitcoin catches a big bid and forms a higher low on this chart, the next move is likely down to bitcoin’s major support line at about $7,000.
If that fails to hold, the next major support at around $5,000 comes into play.
I’ll keep watching the King of Cryptos, and I’ll let you know when I think it’s time to trade it on the long side. I am looking for a chance to buy into it. It just seems to me that chance is still several days away… or maybe even a few weeks.
For those holding on to bitcoin for the long haul, this volatility must be frustrating.
But for traders… it’s actually one of the best places to put money to work.
Bitcoin has massive, volatile moves regularly. And, if you use the right system, you can predict them well ahead of time.
You’ve heard a lot about my new stock trading system over the past couple weeks. It works great on a specific group of stocks, which I’ll reveal tomorrow night.
But, I’m starting to notice that it works pretty well on bitcoin, too.
When I used it earlier this year, it predicted the wild upside move from about $3,300 in early February to over $12,000 in June. If you got in when my system flagged the trade, you could’ve nearly quadrupled your money…
Like I said, I’ll reveal more about my system tomorrow night at 8 p.m. ET. But in the meantime, if you haven’t signed up yet and received your free training materials, don’t wait. They won’t stay online much longer.