It does not look good, as of the time we are posting this... Crypto Market together with news agencies are in intense cleaning cycle, getting rid of weak hands, noob investors and to summarize all this in few words... Crypto Market is cashing out and profiting from panic sellers
INDICATORS
MACD is neutral meaning but leaning more towards bearish
RSI doesn't matter at this point
Short Term indicators are bearish (short term meaning 1-6 days)
Medium Term Indicators are bullish (medium term meaning 7-20 days)
Long Term Indicators are extremely bullish (long term meaning 21 - 31 days)
Here's what you need to know...
If Bitcoin decides to break out first resistance in the next few hours - days (maximum) of $10,500 - $10,750 then we will retest previous lowest point, if that point then breaks, we will find our selves with 1 BTC at $6,000 - $8,000 - YES, I KNOW, HORRIFYING....
On the other side here... if we break our first resistance in next few days, we get more time and move to out final main resistance which is in between $12,250 - $12,800 (depending on which exchange you're looking at). If that resistance gets broken, then $20,000 if our next target or near it. This is the most optimistic plan that we have and at current stage we need to have a break very very soon.
LONGER IT TAKES TO BREAK RESISTANCE = CHANCES OF DROP GO UP
Quickly going back to our indicators, if all s*** goes does, it should be a very quick recovery, meaning that we should be well over $14,500 by Mid - End February
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评论
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This is a correction fueled by 'fake' news. Only the strong will remain standing by the end of this massive drop.
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Bitcoin Update - Thoughts
Bitcoin has fallen below $9,000 and is currently hovering over $8,500 (in short term a further fall is very likely)
If we look 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 this 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’ to invest in cryptocurrency will surely loose their investment. They do that by influencing governments to comeout with regulations, manipulating media, which in turn brain washes new investors and results in mass sells and withdrawals of Bitcoin and other cryptocurrency.
With that said we truly believe that Bitcoin is impossible to stop from growing. They can influence the speed at which it will continue growing, 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.
where is the money going to come from? When trading experts are making massive amounts of money, someone else has to be losing that money. A lot of the retail investors have been badly burned and won't be back. It's going to be difficult to reach those highs you state, because who in the general public mom and pop investor pool is going to invest when they see a single coin worth $40000? knowing many people have lost live savings in previous crashes. I think this pullback is going to hit very hard in investor confidence, despite the validity of the underlying technologies.
CryptoManiac101
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@jimo79, #1 What retail investors are you referring to which have been badly burned?
#2 Let's go back to 2017 with Bitcoin price at around $750. Let me just tell you that many said it won't go over $1,000
#3 Bitcoin price will be increasing because 80% of all Bitcoins has already been mined up and difficulty of mining the other 20% is exponentially rising and if you've studying basic finance or understand supply and demand, then it should answer your question.
#4 Next point is, you don't have to buy a $40,000 Bitcoin when you can buy a portion of it for $40 or $1,000
#5 Pull backs occurred I prior years (2014, 2015, 2016, 2017) and some crashes were even more abrupt then this one, nevertheless it recovered with time and continued in upward trajectory.
#6 Bitcoin or not, cryptocurrency as whole is changing how we are using money and transferring it. Today it is faster to take your $10,000 in New York and fly it to London, then transfer it through a bank.
#7 Bitcoin is gold of cryptocurrency and even if we do not use Bitcoin for payments due to high fees and slow transfer times, it will still remain the father of cryptocurrency.
#8 Everyone says that you should invest only what you can afford to lose, so I am not understanding your point with people losing their life savings. That's their own fault for being so ignorant that media is able to manipulate their decision making skills.
#9 To your question on where new money will come. Check out the link below for reference, but today there are less then 50 Million Bitcoin wallets in existence vs 7.7 Billion people on Earth. bitinfocharts.com/top-100-richest-bitcoin-addresses.html
In case you have extra time, look up the news articles from last Bitcoin crashes and try to draw similarity lines between then and today.
Dear @CryptoManiac101 , Thank you for your optimistic words. Last year I bought NEM (XEM) for $0.42, BCH for $1500, I lost the chance of selling it in their ATH and now I am just holding, I hope both will recover in the next 6 months. My main concern is FLDC, this coin has a small market and maybe it will not recover. Can you take a look on it?
Also I will appreciate if you can give us your opinion about BCH and NEM (XEM).
After lose some money last year in September I learned that hold and wait patiently usually works when the market is how it is today.
CryptoManiac101
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@SamuelBob, Holding is the best option anyone can have in cryptocurrency trading. Panic sellers are losers because they lose massive amounts of money on early sells thinking that coin will drop even further and not recover for some time.