My sense is that BTC (and the market) needs a correction at sometime in the next 6 months. Here are my thoughts on the three foundational support lines, where the third is the psychological floor. I'm very bullish on BTC in the long term and probably a bit impatient for a healthy long term bearish correction.
Check out the weekly RSI. Bulls will need a break at some stage.
elshanti
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@cpoll, yeap, below 30 guranteed.. expecting same pattern as 10-15 July 2017 and 7-15 september.. its not coincidence 50 MA broken exactly at those dates..
DimoDimov
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Why not negative? Maybe we will owe some USD to the exchanges, if we have some BTC now :) This is ridiculous!
elshanti
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I guess the floor would be somewhere between 1800-1300$ where it is the gap that never filled during corrections.
elshanti
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@elshanti, I see no chance for that to happen with existing hype and fresh money waiting at the door of the exchanges..but who knows..
cpoll
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@elshanti, Check out the weekly RSI, it's fantastic. Bulls need a break at some stage. The parabola is too perfect to not break.
IsaacMiller
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I'd love to see bitcoin go sideways and stay between 13k and 15k for a while, I don't think a huge drop will be healthy for bitcoin but a stabilizing really would before we break 20k and beyond.