After the destructive collapse from $20k, Bitcoin found some resistance around $6,500 in early February and did a nice rally back to $12k.
Unfortunately, that turned out to be a short lasting bubble as the price collapsed 50% and we found ourselves back trading in the $6,500 range. Which also turned out to be short lasting as the next month brought fortune when Bitcoin rallied back to $10k... Well $9,949 is pretty close.
This too, turned quickly sour as the price collapsed yet again to bring us to the 3rd attempt at breaking $6k. I was starting to get worried that $6k point was going to break, but with this minor bump on todays trading...
It could be the $6k is a bottom barrier and a rally is imminent!!
But I wouldn't get your hopes up on a quick reach to $20k. The charts look as if the markets are cooling down on the volatility and taking a break on such dramatic price fluctuations...
It's anyone's guess though
As the 1year chart clearly shows - Bitcoin just doesn't like to stay calm for long
And as all other cryptos tend to move with bitcoin, it would also be good to note that the overall cryptocurrency market has found a solid bottom at $250Billion. Each time bitcoin reaches back to $6,500, the over-all crypto market has stayed above $250bil.
- Even with the current bitcoin price drop reached lower than the previous one - The Crypto market only reached $270.
It could be showing the stiff resistance cryptocurrencies are making against the Bitcoin price decline. In any case, I wouldn't expect much more than some retracement over $7k, maybe hit $8k but this price range could become the new norm for the near to mid-term future.
What are your thoughts on the market behavior?
~Keep on - Steemin' on~
@generation.easy
Bitcoin and Gold Fanatic
Markets tend to be calm in summer (northern hemisphere), many investors are on holidays. May be some quiet months will come, with sideways move, in a channel (6500-9500?)
But I doubt real market capitalization bottomed by 250 billion USD. A lot of bitcoins are lost forever (or never moved from teir original address). May be by other cryptos happens the same.
Does somebody know how many Cogecoins are lost? I almost deleted the Dogecoin app as the coins were worth nothing in 2015, may be 3-2 USD. (This January I recovered 400-500 USD from this Dogecoins.)
I think your right on that, and I'm totally fine with a trading channel of 6,500- 9k.
Oh, and never liquidate cryptos! You learned a valuable lesson with you dogecoins!
$10 today could very well be $500 next year!
Could be, but also 0,1 dollars. Everything is possible. I prefer a balanced portfolio, different cryptos, and shares, mining companies, bonds...
Too early to call it a triple bottom.
The lower highs are still a bad sign from a technical analysis standpoint. If the support holds, it will form a downward wedge, which would suggest a breakout to the downside eventually.
Those lower lows aren't really lower.... 0.5% isn't much. Maybe better to say $6k is a solid bottom at this point, Hopefully.
I am talking about the lower highs, not the lower lows.
Your definitely right about lower highs... The last rally ending at $10k was disappointing.
I'm still sticking with $6k being the bottom - accumulation time for me
I think standard metrics seem to fail us a lot when it comes to cryptocurrency. It is almost like it has its own rules. Regulations and fear drive us more than numbers and stock related data equivalence. I can only hope we have this solid foundation that the numbers keep telling us.
We are also far more complex than the just normal stock market. Standard ways to look at a company and try to determine its value needs its own set of rules and thinking regarding our markets. We do need some of the utter junk to not survive this market drop we are having. So the rest of us can shine when the markets are ready for prime time.
All metrics fail me around here... sometimes I feel like I'm throwing rubber darts at balloons, every time I think I have a good throw - It bounces off and hits me in the head!
My last buy into Steem still has me disgruntled. In fact, every time I buy steem its bad timing.
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