Bitcoin NEEDS to see a bull break here. We've been consolidating the last couple days, so we will need to see price action move in favor of the bulls. If not, we will likely still see the down trend resistance line hold which means the down trend is in tact.
Ethereum seems to be in the same boat. All cryptos are slightly up today, but there doesn't seem to be any major hint in either direction.
Overall Bitcoin volume does seem to be on the decline, so if the bulls can show up off the sidelines we will likely see volume start to increase along with the prices. We are still holding a nice high over the trend low almost three months ago on February 5th.
I'm nervous about the 11.5-12k area for BTC. If it can't break that again, that would be the 3rd rejection at that level....That could spell very bad news over a longer period of time also...Nice write up!
Thank's for the content. What's your opinion on BCH and the hard fork?
BCH forking again? This is news to me!
Yup on the 15th May! Bch is sure to see a drop when this happens, so if you're holding in might be a good idea to sell on the 14th... Better safe than sorry!
Good call, at least some! What is the new forked currency called?
Bitcoin ABC. I've a short post about it here... https://steemit.com/cryptocurrency/@dylan607/bitcoin-cash-hard-fork-alert-abc .. Or if you don't want to click the link head over to my blog page and its right at the top!
Thx!
I think it's stupid. They are talking about a fork every 6 months. This is why I never believe people when they say there's a cap on cryptos. All they have to do is hard fork. It's not like there's an improvement and everyone abandons the old...There's just two now, similar to a stock fork. BUT, the difference is is that eventually the buying and hype will stop and the market cap will just crash with all the supply. I think improvements are awesome, but the idea of continuously forking is horrible. Forking has just become a cash grab.
Thanks for the response! Yes I agree but could buying BCH in the dip(when the hardfork happens), be highly profitable or could it be a risky move. I don't intend to buy Bitcoin ABC but feel as if buying in the inevitable BCH dip could be a good move.
Yea I mean who knows? It may be...I think ultimately it probably depends what the other markets and charts do. Like, look what happened to Bitcoin Gold -- epic fail. So, not sure. Overall not that much a fan of BCH anymore when I used to love it. This fork thing just is nonsense.