We have these type of corrections constantly in cryptocurrency world. Today I woke up and saw few 'predictors' on tradingview post charts saying that Bitcoin is going to 1k or 3k "Where do you guys get that info?!" - is what I'd like to ask them. Since they didn't get on the wild horse when it fell to 5k is their fault and by posting such chart they give themselves confidence that it will fall, even though 90% of their previous charts always failed to provide correct or close to correct prediction.
I am tired to saying this but Cryptocurrency does not follow all indicators you would use on stock market at 100% accuracy. Cryptocurrency is different guys.
With that said, I am aware that some of you guys are in this for short term and are worried that you will lose your investments. If you're worried about it, then simply set stop losses or move to fiat. If you have been following me for at least few weeks, then you know that cryptocurrency likes hodlers.
With that said, make your own conclusion and never invest what you're not prepared to straight out lose, also remember that we are not your financial advisors and I wish I could stop saying this on my charts.
HAPPY INVESTING and GIVE A LIKE FOR SUPPORT - remember that we do these charts for free out of kindness in our hearts! You may agree or disagree, but we try to do our best!
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Looks like we had a very good bounce attempt off our first support! Now we go to our next support!
In response to your Feb 24th comment "Where do you guys get that info?!", please consider the following: Now, I'm pretty much in your camp, as I think Wave 3 (at the highest degree) is still unfolding and this correction is subwave iv of 3, which implys new highs shortly and that wave 3is likely to finish in the 100k area, followed by a massive Wave 4 correction. However, the naysayers are not to be ignored, as there is the possibility that Wave 3 (again, at the highest degree) has ended and that we are now in Wave 4, which according to EW rules, could go as low as $1,200 or so, the top of Wave 1 (in late 2014). SignalSwiss is usually pretty spot-on with their analysis and if you study their BTC charts, they make sense. In general, they seem to believe (until proven wrong) that we are now in the highest degree Wave 4 correction, as indicated by tradingview.com/chart/BTCUSD/8y6sUuqE-BTCUSD-BUY-WAVE-V/.
mjtrustme
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Valid question. You dont think the market is being manipulated by high powered algo-bots set up by family offices? These cryptos are being torn apart.
let me know what you think, you actually are a very rational chill analyst and arent just spouting doom and gloom? Is cryptos a self fullfilling prophecy from here?
CryptoManiac101
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@mjtrustme, Without even going into details let me just say this, Cryptocurrency and Blockchain is the future, no question. Now when it comes to Bitcoin, whether or not it will be used for transfers, it is cryptocurrency's gold and father. There are only 20% left to mine with immense difficulty. Price from here will be just going up and with all seriousness I say this, we will see Bitcoin at $500,000 within few years, because if you looks at market cap right now, it's only a mere 400 Billion with over 1,500 currencies (most of which are scams), and then compare that to some of US biggest companies that are worth much more then that. We have miles and miles to go until we can begin to get worried about crypto's future and etc.
In recent study conducted in Germany, only about 54% knew what Bitcoin was and less then 5% held anything in cryptocurrency, I think it was around 1% even, but I'm not 100% sure on numbers here, but just for overall understanding I think you know where I'm getting at. We are just in the beginning of a long road ahead of us.
To answer your first question on whether I think there are powerful individuals or organizations trying to manipulate or control Bitcoin... Absolutely, and I believe that they are doing everything in their power to get control over it. But here's another point of view for you... Banks are one of the most powerful establishments on the planet, for whom Bitcoin and Blockchain is just an obstacle. Why not fight back? They do fight back, but I think you can see here who is winning and it's not them.
All these corrections and etc are normal. You can't have constant growth or stability in market where FUD can push price up or down in short term within minutes, but don't forget about natural growth, path which Bitcoin and all cryptocurrencies are following, from which is is impossible to steer Bitcoin away from!
mjtrustme
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@CryptoManiac101, Thanks for the inspo. I know all of this, but Im still new, much to learn from people like you. Following now.
JoshuaVanier
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@CryptoManiac101, Blockchain is very necessary for the third industrial revolution.
Looking forward to learning from you.