Hello my fellow Steemians and Crypto Investors,
Today I want to share with you a few of the tools I usually check to be able to predict, with some historically proven long term accuracy, where the Bitcoin price is headed.
Do keep in mind, this is a very young market and thus its history is still very short. Unforeseen temporary events can happen at any time so you should only use them for long term confirmation, not as short term Technical Analysis indicators. However, these tools have proven very valuable to me. In the long run they strongly correlate with major price moves on the Crypto markets.
In a previous post from 26 days ago I predicted a Bitcoin bottom had been reached. Looking back now I can see there was still some more room for prices to fall but, if you look at the big picture and this bottom is confirmed, as it seems to be the case judging by today’s impressive green candles, predicting a market trend reversal so close to it is very good and I did it mostly by looking at these tools.
CME Bitcoin Futures. Record volumes and a strong green spike up confirm this trend reversal
AlfaQuotes.com. This trusty website calculates Bitcoin's "Fair Price" based on a formula that includes the cost of mining equipment. Do not use it for short term trading! Mining equipment prices do not change as often as Bitcoin's volatile market does. This is a long term tool that has never failed me. Right now it's showing a very strong 87% potential buy signal!
Google Trends is a very good indicator of long term interest in Bitcoin and cryptocurrencies. I always look at it for trend confirmation. Just yesterday we had a spike of interest that I plan to continue monitoring throughout the rest of the week.
Mcafee's Prediction Tracker is a very good tool that I also use to predict when Bitcoin is undervalued. It plots John McAfee's $1 million Bitcoin bet by the end of 2020. I'm not so sure we'll reach that goal but, in the meantime, it's a good indicator of how over or undervalued Bitcoin is.
Do you find these tools useful? Have you used them before?
Do you have other tools you want to share with the community of crypto investors?
Do share your thoughts on this post with the Steemit community in the comments below!
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78.7
This is the start of something big I think. Trend reversal and some big moves to the upside are coming I hope
A lot margin traders got liquidated today on Bitfinex. I posted about the extreme positioning yesterday, but I didn't think the short-squeeze would come this soon.
https://steemit.com/bitcoin/@techwizardry/margin-shorts-on-bitfinex-are-now-higher-than-when-btc-usd-was-usd20k-let-that-sink-in
This is very big, pertinent news to anyone that follows cryptocurrency in the least bit. As of right now BTC is still the standard in cryptos, for the time being, and whether we like it or not pretty much all of them to a degree are fundamentally linked. Being that level of volume there apparently a lot more people willing to dip their feet as they think the bottom may have hit as of lately. We shall surely see, thanks so much for the info @cryptoeagle!
Great post!
Thanks for tasting the eden!
George Soros might be responsible to this sudden jumped, he loves bubble, he's like a vulture that eats the flesh of those rattled seller. :)
Wouldn't that be crazy if he diversified himself in the cryptos? I don't understand why there aren't more people in here playing with tiny amounts, there are massive percentage gains to be made here, a very easy position to be had just by trading your basis. By the way, have you noticed how when the highest cryptos that rise in value are fairly spread out, meaning it's not always the same one towards the front? I think there are definitely some whales in the finance world picking this up, especially lately. Too much movement for there not be something up, plus like 4X daily volume jump (Steem) averaged like a week ago.
I love the post man. Where did you find that volumes surge? I think just as Wall Street pumped up BTC to $19k. Then shorted, the opposite is happening now. They bought up while it is slow and now they are pumping the futures. CNBC came on today with reports "BTC bottom in - buy buy buy!" Its crazy how manipulative Wall Street is. Your only defense is to HODL. Great read.
Hi @jfitmisc,
HODL 2020, it's my motto ;) Here's the link to the CME futures page: http://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html
Regards!
Wall Street money should flow in very soon…
That's really a wonderful news
Hope so that it will rise more ...
Thanks @cryptoeagle for sharing such a wonderful article ..
Resteemed it (y)
This might be the ride that drops me off at retirement!
Let's hope McAffee is right! ;) I do believe Bitcoin or a top altcoin will be worth 1 million some day. However, that million may not buy the same it buys today. Still, it will make you very rich, which is why I hodl the top coins with help from my app. regards @DanPaulson!
A lot of great info! I hope we reach bottom already.
Thanks for this raport :)
Yeah, April is well upon us and the market knows it. Get ready, fireworks about to start. Good info mate, thanks for sharing
Trend is still lower so beware! Need to look at volumes to back up any change in trend. A possible cause of the move could be some short sellers covering their positions which forces buying. If it continues, more shorts could be squeezed and forces to cover their positions.
I noticed that spike as well
classy Nice post......well researched..i am very hopeful that price will later...
Thanks for sharing.
Very interesting analysis. Hope this benefits community members in making good and very rewarding investment decisions.
My friend, are you still on that Bitcoin thing still?
It is a fraud...a ponzi scheme...you are going to lose all your money...you will get in trouble.
I know this is all true, I read it online so it is fact. 😁
I know you are a follower of the google searches as an indicator. I was not aware of McAfee's methodology...very interesting....although I dont follow it since the chart only goes back to the ATH...not the $1M he professed....what am I missing?
Btw, there is a documentary about him on Netflix called Gringo: The Dangerous Life of John McAfee.....I recommend it.
He is a genius....and nut...all rolled into one.
Did you read that on CNN,CNBC or Fox? haha Let me tell you about a ponzi scheme 100% guaranteed to fail: all fiat systems ever, and yet, somehow people still believe those pieces of paper and electronic coins with no cap are worth something haha.
Follow the link to McAfee's chart. I can't show the whole picture because of space limitations. You will like playing with that chart and take it all the way to 1 million!
I saw the documentary listed on Netflix, been dying to watch it but so far Despicable Me 3 and The Emoji movie have taken precedence, you know how it is with kids.
Bloomberg WSJ and NBCnews....
All good stuff.
The documentary as good....not sure it compares to The Emoji movie but hey sometimes we have to settle.
Haha sad but true. Except they won't fail, they are backed by the full faith and credit of the military force behind the paper.
Thanks for the post, information and interpretation of the land of crypto and Bitcoin. I am hoping for the moon as well but I've also been kind of grateful to be able to take advantage of this three month long dip. I've been grabbing as much as I can while its not too expensive because I believe that it's going to be huge as time progresses. I think after Tax Day we will see something nice happen, and continue through with some nice gains towards the end of the year again as well. Thanks again! -Respect
It’s going to get exciting, most importantly because the Consensus event is going to be taking place in May. We will see tons of announcements of institutions coming into the space and it will drive crypto prices much, much higher, I believe.
This post is resteemed and upvoted by @bestboom
What happened today really squeezed the shorts, leaving an open field for the long ride
Agreed. Bitcoin will rise again. Love what you write, Eagle.
Thanks @joeyarnoldvn! I also follow your every posts and Vietnam adventures. Question: Why is Hillary not in prison? Haha. regards!
Eagle, agreed. Why Hillary not in jail? Another question is why am I being attacked by bots right now? Some say I spam and abuse and kill people like Hillary Clinton. I'm attacked like the Wikileaks is attacked. Thanks for following my Vietnam adventure. How are you?
@joeyarnoldvn, because you continue to spam the blockchain, you get a flag! Please stop.
Yeah, April is well upon us and the market knows it. Get ready, fireworks about to start. Good info mate, thanks for sharing.
My expectation is at the bottom level. But I think it is. It took time to get excited by bitcoin. The level at which it is working.
Rocket is ready to launch baby!
obviously I choose 1... cz in this market ups & downs should be here... if anyone don't have the patience so this market isn't for them. Btw i already install your app since a months ago.☺
Finally a great news ....
Cryptofever
I am very hopeful that price will rise sooner or later. I can wait for the rise to get profit from my investment.
Its up for now but could go lower.
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I think that in this situation, bitcoin more than $ 10,000 will not be, fluctuations in the region of 10% for earnings.
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this is the beginning of a beautiful friendship. btc to 40k by year end!! check out my steemit and www.youtube.com/cryptogalaxyx HODL people!
Thanks for this cryptocurrency news update providing.....I like your post . Keep it up
This post has received a 34.60 % upvote from @booster thanks to: @cryptoeagle.
nice post friend
bitcoin future is growth.. i think
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I like this bitcoin
I appreciate your cryptocurrency news
cryptoeagle you have shared a great info post about crypto tools
like your post and upvoted!!
I am really interested in the search trend analysis. It looks like there could be strong corelation between that and Bitcoin's price.