Source: Hourly chart @ TradingView
Reasoning:
- (Technical) Break-out reversal of downward channel
- (Technical) Parabolic SAR switched from bearish to bullish
- (Fundamental) Bitcoin ETFs are being filed for, giving more credibility
Based on the above, I predict that BTCUSD has a much greater chance of hitting $16k than $12k. In fact, if it does turn bullish at this point I would expect to see renewed optimism in the market, and we may even see new highs by 2018.
Financial institutions are just getting started with BTC, and I wouldn't be too surprised if this recent downturn was a result of manipulation in order to cause amateur investors to overreact. If this theory is true, the question is, are the big players happy with a 44% discount on prices, when it almost touched $11k from 3 days ago?
What does the Steemit community think?
Disclaimer: The above is simply my opinion and should not be taken as investment advice. Please do your own research before investing!
I'm not surprised we've seen a downward trend just before Christmas. From what I have read, it happened last year and it's worth bearing in mind for this time next year. This industry is just getting started and I think we'll have some fun with the market in 2018. My rationale? Crypto getting more media airtime than ever before, causing more investors to enter the market. Blockchain (in general) being a newish technology itself (certainly at the levels of development we're seeing at present). Estcoin will be a game changer (in my opinion) opening up the possibility of other nations adopting the idea of crypto as an alt to fiat. I could, however, be very wrong but I don't think I am.
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Thanks for the comment Dai and I agree. I don't know much about estcoin but I'll look into it as a possible investment :).
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