Hello all,
The BTC is consolidating under the resistance line and could even test it soon :
We should test it but not break it. In the case we break that line, be sure to stop your short positions because we could try again to make new highs.
I wish you massive profits,
Cryptopassion.io
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Version française ici : [FR] BTC - Le marché pourrait tester la ligne de résistance
I have done some pretty detailed studies on the supply and demand for bitcoin. If you look at my last post on the subject you can see that if the trend of “first-time” new investors, (non-whales) as seen in October, continues, it would consume several times the mined supply over the next 12 months. Last 12 months new buyers (non-whales) consumed less than the mined supply. The whales consumed the rest.
Due to the much larger number of non whales, the mined supply will be consumed several times over in the next 12 months.
Therefore, to come back to your charts, it is only a question of time before the upside resistance is broken.
Based on the accelerating demand, I am pretty sure we will exceed the most outrageous price forecasts..
We could actually break that line if the market sees more momentum like it saw after the Bitcoin Cash Hard Fork but if there's no much momentum then what you predicted might exactly be what we are heading for.
Great analysis man
Hello @cryptopassion
Thanks for this information
Your effort is really appreciated
In the long term, all these price fluctuations are simply meaningless. Bitcoin is going in only one direction and that's UPWARDS...