If we look at the weekly chart, we can see that the market has been rising during 8 weeks without correction. Bitcoin is overbought and a huge bearish candle can give us insight - bears become stronger. Also RSI is in overbought zone and confirms price reversal. Probably we'll see big short from the resistance zone between 2900.00-3000.00 levels. The market has huge space for falling to the 1st uptrend line. If market drops to this suport line, it will be a good place for opening long trades. And what do you think about Bitcoin in long term? Please, write in comments
I think long term if Bitcoin does not correct its inadequacies (transaction fees, block size and long confirmation times) they will continue to lose market shares newer a come out. Once any one alt coin surpasses Bitcoin market cap it will have a huge psychological affect on the Bitcoin price and rate of adoption. Just because Bitcoin was first does not mean it will win in the market when better tech is coming out. Just like Google took over search, the coin that ultimately wins in the market place may not even be created yet. We are very early in this space and as exciting as it is, there will be a lot of evolution until we get mainstream adoption and by then governments will have their own crypto currencies and quite possibly they will aggressively ban alts in yet another currency war. Law abiding citizens will likely comply but the fact that business and industry are starting to use blockchain tech (ETH and others) it will be come increasingly difficult for central banks and government to control though they will try. That is how I see it long term. There is still money to be made trading but I don't think any one coin is a store of value and if you are not active and evolve with this market you may be left stuck in a dying coin. The days of buying and holding may not work in the years ahead. This is just my take on it.
dubie
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@dubie, *newer coins and tech come out* first sentence correction :)
lakmus
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@dubie, no fork can replace bitcoin, just because bitcoin doesn't have premine. simple.
dubie
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@lakmus, The blockchain genie is out of the bottle and as much as some early Bitcoin adopters have a reverence for bitcoin as almost as a religion and treat any ALT is the devil, in all reality I am not married to any one coin but I love the blockchain technology as a whole. We are sitting at a time in history where blockchain technology is and will revolutionize the world we live in from having identities, health information, contracts and even some day voting for politicians on a block chain that can't be tampered with. It is very exciting and I am all for the one that wins but Bitcoin is like an old Atari 2600 compared to some of the newer forks and even IOTA with a no fee transaction structure and how they manage their node web is truly fascinating and all of it should be encouraged as it is the future and we haven't seen anything yet...
So you assume basically that the market capitalization would go down to 1400 USD x 16M current supply= 22 Bln USD at some point in the next month?
Although the market cap may not correspond to the actual fundamentals of the currency:
This just seems a fairly small amount of money, compared to the World's money and the need for alternative assets to fiat.
Often technical analysis on Bitcoin have been wrong so far.
Although I thought you may be true, about a strong healthy correction, I can't be convinced by just the observation of the 1 Week chart, and making some conclusion out of it. I'd like to see more supportive columns in the argumentation, including other factors, as the potential hard fork, the other crypto currencies playing there role, and (hopefully) the start of the practical use of cryptos (imagine that Paypal starts allowing Bitcoin for their payments).
PS: Were do you think to money is actually going to flow, if it is leaving Bitcoin
- Fiat?
- Bonds/Metals?
- Other cryptos?
DLavrov
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@Flair-ON, we can talk about fundamental news which push the market up and down. But all markets moves in such way - impulse waves and correction waves. We have a great impulse wave and the following wave must be correction.
tlkmx
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Bitcoin long term seems safe. 40% of the market is btc.
Many people trust it and it's the first crypto.
It should go back around 1800 and rebounce back.
Lot of support to go up apprently. Looking at the yearly chart doesnt help much understanding current trend. The situation changed a lot with all the other crypto and huge entry on the market.
Still would love to see it go down to 1400 :)