Yesterday I posted this article on how the Bear Market was about over: https://steemit.com/bitcoin/@embomb701/bitcoin-offically-over-sold-i-think-the-bear-run-coming-to-an-end-read-here-for-anti-fud-hodler
Today Bitcoin has shown some upward progress, nothing great but hopefully some HODLers are feeling a bit of relief. I could be wrong but it looks like we have seen the worst of it, barring some more media FUD (not much left for them to attack Bitcoin with), the DIP was Bought and prices have come up to post November/December run up prices. In my opinion we will hang out around here for a while before confidence comes back to the market enough for another Bull Run. I want to see above 10,500 before we are officially out of the woods but at least at this price maybe some of the fear will start to dissipate. People are funny, Bitcoin is still up about 1,000% since last year, this dip was only down 67% from the Crazy ATH we had, that run up was great but it was too fast. Check this article I wrote 2 months age (About December 6th). https://steemit.com/bitcoin/@embomb701/bitcoin-correction-imminent. I was calling for a Bitcoin correction because we had gone so high over the Relative Strength Index (RSI), and if you see how High and how Long we went over that RSI it makes sense that we had to come back down. And since we went so high over for so long, it corrected super hard. Just yesterday Bitcoin was over sold and within 1 day we shot up, for me this is a great sign.
Let me know what you think, comments are welcome and ReSteems are appreciated.
I think it is good news! We should keep calm and wait a liitle bit and it will increase again. Hello to all HODLers :)
Absolutely, even if bitcoin dropped below $2000 I would HODL, but I think this sign today was good because it tells me that we might not be in the rut for too long.
as you said, more media fake news and regulatory headlines will still take us lower..i also haven't heard anything new on Tether..are we all content with knowing it's a scam and not doing anything with it? would love a consolidation at these levels but I think we still got some downside.
Thanks for the post @embomb701, you got a new follower.
Tether is screwed my opinion, and we don’t need it in the news, if we like seeing the green prices
well, if it's screwed then all the liquidity it's providing on coin-to-coin exchanges is gone..if liquidity on 3 major exchanges is gone then we going to see more red.
then we better hide what they are doing :)
Well the regulation news I think will be good, if we get a little regulation, hen hedge fund managers can start using people money to buy Crypto. Now also all the FUD is actually a but good, hear me out... They say that their is no such thing as bad publicity, look at Paris Hilton, lol. But seriously, how often do companies get hacked and then their stock stays the same of goes up (https://hbr.org/2015/03/why-data-breaches-dont-hurt-stock-prices). Right now Bitcoin is being bashed and all of the people see it on the news and say "Bitcoin is Bad" but they get to know the name, then next time Bitcoin goes on a Bull Run now they know about it and will FOMO.
I hope the price does not go much lower, it looks like we will go sidways at least until Chinese New Year on the 16. Thank you for the Follow, I am following you back friend.
I agree with you on raising awareness but it would help if the media coverage was objective..in December they were writing about massive overnight gains and now it's all FUD. why is no one talking about underlying technology and utility of some of these tokens and the implications they will have on every part of our lives in like 5 years?
Yeah, the powers that be are intentionally using their influence to drop the price. You think the Rothchilds and the Rockefellers want people like you and me no longer needing banks for transfer and worse still for loans?
U S news was good, I agree we are going to stick around this price point, I thought things were gonna get worse and they might if u s news was just a little medicine and the cold continues
Ehh, the Teather Audit cam out in December and if the audit was bad they would have shut them down by now in my opinion. Teather is responsible for market cap dropping in my opinion but not for why you might think. People lost faith in Teather and will not use it anymore, so all of those people who used to sell their BTC for Teather during dips to buy back in lower now cant do that, so they sell to USD so the money is no longer in crypto thus lowering the market cap. Just my opinion.
interesting, thanks for sharing that
It is all really about building momentum and making it so the confidence returns and the steps up are gradually larger than the steps down. The BEST thing it could do, in my opinion, is consolidate between 7 and 8.5 k a few days and shake out the rest of the bears.
I was with you in December, warning the folks about the insanely oversold RSI but really didn't think it would correct that hard. Flushing out a little greed and hot air ain't a bad thing and the panic sellers were just as bad as the newbie FOMOers.
I guess this is called market maturation and I am alright if it recovers slowly for a good long series of ATHs.
Good post, I like thank you for the valuable information. I read it with pleasure. Thank you very much. Bearish step, he can suddenly attack.
Yes, it is a bit of an assumption but it is an educated on, more of a hypothesis.