"Don't worry about a thing, cause every little thing is gonna be alright!"- Bob Marley. Current Market Cap: $563.78B (-$141B in 2 1/2 days) Bitcoin Dominance: 35%(+2.3%)
The crypto markets have been putting up quite the struggle lately as bears and bulls fight over territory. This month has been extremely volatile with an all time high market cap of over $832B just nine days ago. Did I hear someone say "irrational exuberance?"
Chinese and South Korean governments continue to scare this very fragile market with more rumors of crackdowns. The PBoC is attempting to halt ALL Bitcoin activities by Chinese citizens, in an effort to protect its own economic interests. The South Korean traders are facing increased regulation and less anonymity- which is a good thing long term but bad news for the current prices. Regulation is coming, it's just a matter of when and how much.
Just another speedbump in the road to greatness.
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD. I have also included a bonus Fibonacci Retracement below.
Bollinger Bands show we are below the moving average which sits just above $12,000 currently.
Stochastics indicate that we are oversold!
MACD is showing an imminent EMA crossover which should follow a price reversal. We are also well below the zero line.
Fibonacci Retracement is suggesting major support and resistance levels around $12K, $13K and $14K. If we can break out of this bearish sentiment then a retracement back to the $14,000 mark is very probable in just a few days.
Likely Scenarios:
- BTC remains sluggish on the bad news and bearish trading sentiment leaving the price suppressed around $12-13K for most of the day.
- Another wave of panic sell orders comes in pushing the price down to the low $10K range before any real support steps in.
- We see a slight recovery to $13-14K and close above $12,250.
TLDR Version:
Bitcoin sustained a massive blow today as various governments take turns using it as a punching bag. New and uninformed investors are panic selling in order to recoup what they can before the prices bottom out... Expect slow price action today with very high downward selling pressure keeping us below $14K for the majority of the day.
Price Target:
$13,750
Alt-Coins To Watch:
- I would suggest staying out of alts today since they are getting absolutely REKT today with Bitcoin's bearish price action.
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-14-2018
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Few days ago when the market was up, i regretted i didn't buy enough. Now it is on sale, i am excited
I’ve been waiting all day to here what’s going on with the market. But from your previous advice i saw this as a buying opportunity. Great post and keep them coming mr. Crypto!!!!
A seasoned veteran investor once said "The best entry points FEEL the worst to take."
I always feel bad when I am buying as the price goes down because you don't want to miss the "bottom" and you also don't want to miss buying the dip in case it shoots back up :-D Catch 22 situation.
I figure it’s best to buy at 11k before it jumps to a billion once everybody realizes that bitcoin starts with a “b” and the price correctly goes to a “b” illion 😉
South Korea is the third largest crypto trading market in the world. China already banned trading but could restrict crypto mining, and most of the world mining pools are located there. 😓
They restricted crypto trading to OTC and businesses in Honk Kong. Now they are trying to eliminate it altogether. I doubt they will be able to but this doesn't look good for the international markets.
There is a lack of trading volume from these crypto markets and the price used to be with a premium. 📉
But that would just mean more bitcoins to mine for other players, like Iceland. Also this very well might get all the miners in China to move to energy rich Canada.
It should be clean energy for PoW. 🔌
ONE "B"itcoin SHOULD BE ONE "B"illion dollar , BECAUSE IT START WITH LETTER "B"
One Bitcoin could be a MILLION dollars one day if every millionaire all of a sudden wanted one.
Uuuuu, yeah that sounds very logical to me....🤷🏿♂️
Thanks for sharing informative and motivational post, @hotsauceislethal
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