This is a weekly chart of BTC/USD.
We can see the high there of close to $20k, all the way down to our current level of just over $4k.
After a significant drop, we can see a little green on the screen this week...
The RSI is in significantly oversold levels, plus we may have some bullish divergence showing up as there was a downtrend line break...
What does this chart look like to you?
(Source: https://cryptodaily.co.uk/2018/12/bitcoin-significance-of-the-two-production-costs-and-key-levels
I will reserve my thoughts until I hear some thoughts from the community.
Tell me what you see in the comments section below.
Stay informed my friends.
Follow me: @jrcornel
Looks like a dead cat bounce is/will happen followed by further decline and then churn for about 6 months to 1 year before the next bull run begins.
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Very possible and very similar to what happened in 2014-2015.
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In reality, what happened in 2014-2015 was the same thing that had happened during all previous hype cycles in BTC's history. The timescale was just elongated due to the sheer volume of coins needing to change hands to re-establish a value baseline.
The cycle will likely continue to repeat until it doesn't, and the timescales between hype cycles will grow (even gold follows this same pattern). I don't see any fundamental change in BTC's value growth rate, userbase continues to expand (most of the rest is just noise).
I will buy more if and when the price gets low enough... when I feel we are close to the churning phase. I could be wrong, but I don't think we are there yet.
The Alt market is even more volatile, and the total market movements via BTC will drag a number of alts down further. STEEM included (even if Steemit inc gets their ducks in a row, and other development teams push forward and drive value).
Just gotta wait for the natural course of things to run. :)
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Good comment! Though there doesn't appear to be a linear increase in time between hype cycles, at least not from looking at the chart dating back to inception. I do agree though that this one may take some time before another hype cycle can begin due mostly to the height it went to and the amount of money lost on the way down.
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Not a fan of technical analysis, but this clearly shows BTC has reached another support level. Many other tokens have too and we just have to wait for the supply to catch up to the demand now. It's obvious that now is the best time to purchase bitcoin in the past year and cryptocurrency technology has made significant progress since one year ago.
Not being into bitcoin, I prefer Ethereum, Stellar Lumens and Steem. All three have come a long way and are more functional their BTC grand daddy. I'm not recommending that now is a good time for anyone to be buying cryprocurrencies however we will be seeing end of year bonuses and more excitement as there is less to do outside and the stock markets are testing their limits again. In short, don't think your money is safe with BTC.
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It will be interesting to see how things play out from now until the spring. There are also tax refunds to think about. Possibly tax related selling as well.
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Started my tax loss shopping last week. Don't forget those wallstreet bonuses too ;) lot's of people have been following bitcoin and may find these levels more attractive than during last seasons craze.
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Good point. Either way I think spring will look pretty good for crypto again. Hopefully steem is still around by then.
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Interesting that you mention Stellar Lumens. The same friend that dragged me into crypyo asked me to setup a wallet and a line of trust for him a year or more ago. The result left me holding some. Have not thought of them since then. Any links or explanation why you are bullish on them?
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They are extremely fast and cheap to send around, costing less than a thousandth of a cent to do a transaction. IBM has a strong partnership with them and helps develop a lot of the tech. They are giving most of it away for free in a controlled manner and there is no better way to spread the acceptance of a currency than to give it away. It is not for profit. They have a great decentralized exchange www.stellarx.com which allows for the tokenization/trading of any asset. ETC. I once wrote a post about it here
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Sounds a bit like what is trying to be done with SMTs, no?
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Thanks for the link! Will check it out.
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P.S. A great read! Really like the idea of SDEX; being somewhat paranoid of exchanges since Gox' demise.
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Thanks, I'm gonna get back into writing more about cryptos and money. Just started, not a pro grammar by trade. My back ground is in investing, fundamental analysis and cats
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According to this chart, it still looks like in downtrend. if trend will turn up for bull market, then price must over 6.000 USD again.
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Yep, $6k is needing to break before I am ready to think positively about bitcoin again in terms of making new highs.
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Looks like poop 💩
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Extra poopy.
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To me it looks like we are going to 775$ BTC
It looks really bad.
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Oh wow, you win the award for lowest price prediction I have seen yet!
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Being a HODLer mostly, what the chart means to me is that the price of STEEM has followed the BTC market peg and then some. This will lead to deadwood only rewards seeking users jumping ship. Good riddance to them! In the larger cryptoverse we will see shit coins dropped from exchange after exchange.
In a nutshell a market correction which surviving coins shall rally from in 2019 stronger than ever.
This is the opinion of a HODLer who was dragged, kicking and screaming, into the cryptoverse in the days when you could still mine BTC on a graphics card. It is not meant as financial advice. My crypto wisdom has been pure luck. 😎
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Well what you say makes a lot of sense to me as well. Hopefully steem is one that sticks around.
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Feeling very long on steem myself. Just picked up 6700 steem the other day.
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Nice, no fear even with all the drama going on with steemit,inc and steemit.com?
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It is my feeling this has been long overdue. It was the subject of my fourth post on the blockchain.
It has been very heartening to see some great brainstorming the very day after Ned's announcement.
We really have to put decentralized back into the decentralized blockchain. After 3 years it is time to leave the nest, in my opinion.
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It could turn out to be great news in the long run, or it could be the beginning of the end of steem. Hoping for the former.
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My feeling is that too many have too much stake to let things die because of STINC's business plans. Maybe, now, folks will realize the advantages of voting for Witnesses that are good software engineers first, like @timcliff to name but one, and good contest organizers secondly. 😎
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Hopefully. I haven't seen a rush for any of the largest stake holders and witnesses to build much though. That needs to change if steemit,inc takes a back seat.
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Trend reversal
Setting for a bullrun?
That’s me being optimistic
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We need some volume to come and a big bounce to help flip the chart. Might be some time before that happens though.
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Quite a big candle downward when seen on a weekly... I would say that it looks like capitulation but unfortunately the volume is not there to convince me...
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Also the bounce is an inside candle, which usually indicates continuation of the previous move comes shortly after, which would be down.
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i think we have no more than a couple weeks of downside at most and things will turn around before christmas
i bombed on the 40000 by end of spring prediction lol
guess we have to give it time
have a great evening everyone
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Yea, I was thinking $6k was going to hold personally. It may take longer than I originally thought before we go up again.
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i think if three grand doesnt hold that i will not know what to think haha
have you looked at QKC everything is tanking and it just keeps creeping up slowly
have a great day and keep the posts or blogs coming cheers
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Not really good
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Why is that?
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As saying the btc price is falling, during this past 2 months. So that's why I said not good and also of the whales which is also a factor of the fall
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Looks like we have entered the Chinese new year 2 months sooner? IDK man, I've stopped predicting long time ago but overall, I'm confident of the bull market will eventually arrive.
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I think so as well.
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Although I don’t know much about technical analysis, considering other socioeconomic and political factors as well, I’d say a short-term bounce, followed by a gradual decrease/movement sideways until mid-to-late January next year. I don’t think the price will drop below the lower support zone as it’s already a significant deviation from the longer-term moving averages. These could provide some momentum for an upturn, but I think general market confidence needs to recover a bit for an extended upturn. Fwiw.
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Good thoughts here. I could see that as well. It looks like there may be another surge to the downside first before we see any kind of sustained up-move though.
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I only see that BTC is on sale now :-)
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If you have dry powder, it certainly could be.
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Etherium is the most popular platform yet, but it's not the best platform. In my view #Nexty is the best platform with features: instant transfer & zero transfer fee.
I think Nexty will grow very strongly in the future.#crypto #nexty #bitcoin
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Can't steem already do that?
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