LOOK AT THIS CHART WITH GREAT ATTENTION TO DETERMINE ALL POINTS
This analysis has been constructed after looking at 5 Year historical analysis, analyzing news w/ trends from 2012 - 2017
We have gone by 2 bounce off points which are shown in white lines. We will be app arching 3 more potential renounce point with potential to end this reversal. What does that mean? That means that we have 3 more points on the chart at which point the price will go up in short term, and then continue in downward trend until next point of bounce potential. These 3 points all have potential to end reversal. That means that price may continue rising up which would confirm end of this correction. Please note that each of these points have less then 60% chance to see bounce with correction completion. We are however 80% certain to see bounce of some kind on either of those 3 points. Quick Note - (RSI, MACD, MMAR, MOMENTUM are all looking bearish in short term - this month) Finally we have our last target at $2,950. This is the point at which we believe correction will have to end fully, if price does not change direction before. This is our high demand zone, and if we look at order charts, there is over $90 - 125 Million of Dollars Buy Orders put in place at that point. It is also our firm support. We will approach that target by February 20 - 29
We will see huge price hike. Bittrex has gone out to notify us that they will be launching USD deposit feature on their panel and opening new user registration. That is huge if you don't already know that. Not only will that allow existing users to begin USD deposits, but it will also open doors to millions new investors to come into this crypto currency market. Then we also have an exchange Robinhood coming out with Bitcoin, Ethereum and few other coins available for trading starting this month with few states, and then expanding through out 2018 Q1-Q2 which will result in total market cap going over $1.75 Trillion Dollars by end of this calendar year.
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Never invest what you cannot afford to lose. We are not your financial advisors.
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I do not recommend to sell or buy or hold, because as I mentioned on chart, reversal can occur at any of our green lines. If you already lost over 50% just hold.
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We are currently on out first green bounce line. As I said, we have 2 options now, we will either continue dropping to our next bounce line or we will see recovery. Current chance of full recovery is less then 50% but still possible. Indicators are not on out side and indicate further drop.
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Confirmation on reversal will take 12-48 hours to confirm, if Bitcoin stays relatively stable or in uptrend
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We noticed that as these news started to come out slowly this morning, the price became more stable and began steady growth
INDICATORS
MACD is about to intersect on 4H chart but we still have issues with 1D chart
RSI is oversold
MOMENTUM has positive signs
Generally analyzing the chart, appears to be a simple bounce off, but whether it will continue into recovery is still questionable
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Thank you everyone for your support!
Just to quickly summarize current market situation...see below
We broke resistance at $7,500 - $7,700 - We still do not recommend to buy Bitcoin because like it or not we may see another re-tracemnet to $6,000 levels. Remember we had almost identical bounce a few days ago at $10,000 level. Just be careful at this time!
Also would like to add a few words on the SEC regulation meeting and talks...
From personal point of view it seems they were more concerned about ICOs' then bitcoin and cryptocurrency. Nevertheless, even when talks were briefly about cryptocurrency, we did not hear any negativity toward Bitcoin that would suggest future issues with government. Also a positive thing I would point out is that they actually admitted that they have limited jurisdiction when it comes to control of cryptocurrency and when asked a question on whether the government would be able to protect US investors in case of huge crypto market fall, the reply was very clear "No, there is almost nothing we will be able to do".
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Don’t get too Excited, just yet
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We are flying through resistance. Too good to be true? Well I sure don't think so! Let's see if we can break $10,000
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NEW CHART JUST RELEASED
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As expected we are having a slight drop due to Overbought RSI
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Reminder to everyone that even if you bought in Bitcoin at $20,000 you will still end up at least 2x your investment by summer and 5x by December
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Market is looking healthy right now - target $11,500 - $12,000
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Chart updates - quick review
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Current mood is very optimistic
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Beautiful bounce off our support
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It is safe to say that correction is over almost
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After we break main resistance this month, we are going to 45-50
I am sorry but I am not clear what your answer is here. Do you expect a pullback downwards to 6k level from here starting over the next 12-24 hours or do you think price goes upwards from here to 9.5k level.
Thank you.
CryptoManiac101
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@doctorkesh, Just showing the bigger picture that you should not get excited just yet. Don't run in and buy it all up if you're not willing to hold long term
UnknownUnicorn995432
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@CryptoManiac101, Thank you. I think I will wait for other signals first. Right now over enthusiastic market can result in bull traps. Regulations are not going to ease, they will get tighter.
The filters applied to yesterday's hearing did not answer many questions. We are still where we were before the hearing.
CryptoManiac101
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@doctorkesh, I can disagree in a way with your statement about regulations getting tighter. In order for them to get tighter, government must be able to enforce those regulations put into place however with cryptocurrency, that is virtually impossible
UnknownUnicorn995432
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@CryptoManiac101, oh there are ways to regulate cryptos. Credit cards was the beginning. Imagine the panic if all financial institutions cut ties with all exchanges citing concerns around money laundering etc.
@doctorkesh, Credit Cards restrictions is not a way of regulation but a way of preventing the poor from getting a chance at a better life and paying off their loans. Look at the timing! They banned credit cards towards very end of crypto crash, do some logical thinking and it will become very clear. Finally financial institutions will never stop deposits into cryptocurrency from your checking account. That is just not possible in this day and age. Perhaps if it was a few years back, then yes, banning would be in a picture, however today it's impossible.
CryptoManiac101
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@doctorkesh, Also talk about tether is simple bs. It covers just high $2 Billion of all crypto currency. Even if it disappears tomorrow, nothing major will happen in long term. There are not many people holding tether, everyone is holding Bitcoin, alts or in USD on GDAX.
UnknownUnicorn995432
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@CryptoManiac101, I agree with your financial institutions point. The talk about tether and Bitfinex is not bs. CFTC is investigating it as we speak. What Mt Gox did to BTc in 2014, Tether and Bitfinex combined, ie.. if they collapse, can do at least the same. Of course BTC will not fall to $100 or 0. Max around 3k, which is in line with your figures.
Overall I think if all the crap gets washed this year and we have a better and clean, regulated cryptomarket, then in the long run it will strengthen the whole ecosystem in the best way. Rather than focussing on the 50k BTC in a month or 127k BTC by the end of the year, if the first half off 2018 can be used to cleansing the market, removal of the fake ICOs, the manipulators, speculative volatility, etc., only then can we have a fully sustained cryptocurrency market which we can all benefit from. Then we can have our ETF, and then yes we can have BTC at even 200k.
I do fully respect your opinion with all my heart and I think your charts are very good. But in order for the price to go up, there has to be a fundamental reason behind it. We had many in 2017. We have none positive at this time. Unless of course you think SEC will be approving BTC ETF next week, next month or this year, I do not personally see 50k BTC happening.
CryptoManiac101
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@doctorkesh, Time will only show what actually happens, thank for sharing your idea
Thank you.