Quick update on the BITCOIN situation;
A nice Head and Shoulder pattern is forming on the hour chart and price has dumped as a result.
Right now we are at a cross-road, if the support area (in purple) breaks then we will probably head down to the yellow support line, if that line breaks too then we could see a move further down to $1800 or $1200 and this would probably trigger a longer bear trend.
If this scenario plays out then cash will be your best friend as all cryptos will probably lose their $ values (yes that includes Ethereum).
However, if support holds we could see BTC bounce back up to the $2600 area and retest the descending trend-line (in red).
Trade safe,
Dan @tradealert
ill hold =D
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That works too :D
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Interesting analysis, nice chart, good to understand, there seems to be a slight upward movement on poloniex now... I don't think it breaks down ;-)
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I'd rather it doesn't break but at this price the market is very volatile, i am playing the waiting game right now.
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Good points in this post. I was about to post a similair post. The blockchain is here to stay. No matter what any crypto will do in the upcoming years. I think that's a conclusion we can make by now. I was wondering if anyone of you uses: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check: https://www.coincheckup.com/coins/Bitcoin#analysis For a complete Bitcoin Investment research.
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