Over the last day or two, bitcoin price dropped from above $10 000 to below $8 800; that is a substantial decline of over 22%. That is quite scary. However, there have been similarly scary moments in recent months. Generally, these scary pull backs in bitcoin price lead to a re-test of the levels of the previous highs. The previous high is at the level just below $8000 (see chart below).
A similar scary decline happened in November 2017, when bitcoin dropped from $8000 to under $5500. That time, the previous high was at the level of $5000 (see chart below).
Yet, another similar drop took place in September, when bitcoin price decreased from $5000 to $3000. And again, the previous high at that time was at $3000 (see chart below).
It means that bitcoin price is likely to re-test the previous highs again at $8000 (or just below that). After re-testing the previous high, bitcoin will probably be stuck in a range around $10 000 for a while. This is because apparently a lot of new investors in bitcoin are having losses, which discourages any additional inflow of capital. In the longer term, near the middle of 2018, bitcoin should re-test the all-time-high :) Let's hope for that.
Do you disagree about a re-test of the all-time-high? Do you think that the bitcoin bubble has burst, and it is going down to $1000? Let's have a small contest, where you guess the bitcoin price on 11th of Feb 2018, 11am UTC time. The closest number will receive a transfer of 1 SBD from me (myfinanceteacher). The guesses are not accepted after this post will have been paid out on 9th of Feb.
To participate:
(1) Comment with bitcoin price on 11th Feb;
(2) Upvote this post;
(3) Follow me;
(4) Resteem
(5) All of the above done before 9th of Feb.
Someone, please, remind me about this on 11th, I am very likely to forget... Thanks.
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Sample:
$10580
upvoted
following
resteemd
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I did a really good video on this. The Cindicator bot actually predicted this 2 weeks ago. It predicted the market would hit $400,000,000 by Feb 28th and then afterwards find a new all time high. I did a video telling everyone this would happen days before it did.
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Good job.
By the way, don't you want to participate in a small 1 SBD contest?
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No thank you. I am currently giving away $100 worth of SBD or BTC on my blog right now.
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10,925.17
Upvoted
Followed
Resteemed
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When breaking B because it is strong support and if the model fails the price rebounds from them.
Bottom line:
Price control on the 4-hour friday ..
Simply (the highest price support buy buy-down download down the support selling the decoction)
and do all this on the friday only 4 hours
Top support = buy
bottom support = sell
If price break The last support will be downloaded to the 6000
7000
areas in case the price will go back to 13000
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1.63% @pushup from @myfinanceteacher
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Good post, very intresting. Respect.
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$5,725. i'm fine about the sbd, i hope i'm wrong. peace :-)
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India crack down cryptocurrency. This is also very bad news for Bitcoin.
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$10k will be resistance for some time while the market figures out the impact of all the news out and weaker hands get out completely.
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This post has received a 1.63 % upvote from @boomerang thanks to: @myfinanceteacher
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