Bitcoin is approaching very firm support zones with huge demand. History repeats itself, so here we go!
Private Thoughts on Bitcoin and Market Crash
If we look back at year 2017 we will see that market correction began on January 5 with first low on January 6 and a secondary low on January 12. Today we are observing almost identical market behavior but on a grander scale. Of course market cap back then was hovering around $15-$20 Billion, so it makes perfect sense why this correction is taking that much longer.
And let’s also not forget that Banks are doing everything in their power to influence Bitcoin’s growth by showing that any investor ‘stupid enough’ (as they like to say on the news) to invest in cryptocurrency will surely lose their money. They do that by influencing governments to come out with new regulations, manipulating media, which in turn brain washes us, which results in mass sells, panic and withdrawals of Bitcoin and other cryptocurrency. Banking is a multi billion dollar ‘industry’, but it remains a fact that to trasfer $10,000 from New York to London it will take longer then actually flying that money to London yourself on an airplane. Welcome to 21st century banking, ha?!
With that said we personally believe that Bitcoin will be impossible to stop from continuous growth. Perhaps the speed at which market is growing can be influeced but not the actual growth. As more e-commerce companies begin accepting cryptocurrency in 2018 we will see exponential growth to well over $1.5 Trillion in market capture.
With great confidence we can say this… Bitcoin will be worth in betweet $45,000 - $67,000 by year’s end and only the strong hands will remain in the gain, everyone else will be simply filtered out.
Remember Bitcoin crash of 2017? Here’s a few articles from back then - see if you can draw up any similarities between these articles and the one’s we are reading today.
We have largest volume flowing in right now into BTC since we were at 20,000 - good sign
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Update on Bitcoin Market - indicators are still bearish at this point in short and long term, which holds us from announcing that Correction is over and we are safe. We are still looking at market and Bitcoin behavior.
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We do have negative news because next purchase order only pick up at $7,299 so a drop is still likely before we can pick up again
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Momentum is good, MACD levels are getting better. We are about to see MACD levels intersect which would indicate a rise in price short term. 1-7 Days MACD levels do not look good, however 7-29 Day levels look like a STRONG BUY. This will indicate, just like we predicted, that Bitcoin will stabilize and return from this correction this month. Just wait it out, we will keep you updated!
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Back in a short term downtrend... let's see if we get to out final support line
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Bitcoin Update
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Short term resistance that we need to break is $9,090
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We are almost at out resistance line... Will we break it?
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We are approaching overbought signal with RSI, let's see if we can close this candle
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Signs look ok at this point but we need now to break our next resistance target with a solid candle and stay there without falling below that line. Very difficult task in short term to accomplish but I believe in Bitcoin 2.37% .
UPDATE ON MARKET CORRECTION - from the current state, we can conclude that correction is over at this time. This is not a definitive answer at this point until we begin further breaks in line of resistance but it does look good. If we continue in current state, expect recovery within next week.
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Reminder that new chart is available
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JUST RELEASED NEW CHART
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As expected we are having a slight drop due to Overbought RSI
@sanwhere, Also become a member, that will help you
anon541
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Thank you for the analysis. Looking forward to the follow.
CryptoManiac101
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@crypto_teller, Thank you for reviewing it!
farshadjahanmanesh
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thank you,
do you think we will go up to 14k and after that we have another down to 9k or lower?
CryptoManiac101
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@farshadjahanmanesh, 14,000 requires over a $5,500 increase, I don't think we will get that high in short term if we will have another correction coming up. If correction is over, we will get there.