It's a long road to glory but we'll get there eventually.
Current Market Cap: $508.16B (-$122.69B in 2 1/2 days) Bitcoin Dominance: 34.7% (+0.2%)
Just as the market was beginning to regain some confidence we have seen another attempted shake-out. Bitcoin bears are just punishing the market for being overzealous and greedy. The realists are cashing out their insane profits while they still can while the panic sellers are just dumping their holdings out of fear. Bitcoin's flaws have held it back from achieving new all-time highs and new investors are starting to get more and more nervous as time goes by.
Will Bitcoin EVER get a chance to stand back up or will it keep getting hammered down at every corner?
Today I am using FOUR different indicators and trading tools: Bollinger Bands, Stochastics, MACD and (bonus) Fibonacci Retracement.
Bollinger Bands show that we are below the moving average which is around $10,700.
Stochastics indicate that we within normal ranges but falling towards oversold conditions.
MACD shows that we are below the zero line with low volumes. A bearish crossover (of the moving averages) is imminent unless we can increase buy volumes.
Major support levels are around $10K, $10.5K and resistance levels are around $11K, $11.5K and $12K. We have already seen a significant retracement over the past week (from a low of $9K to a high of $13K) back down to the $10K level. A movement back up towards $11K-11.5K is very probably.
Likely Scenarios:
- BTC continues to fall a little bit more before finding support again at the low $10,000 zone.
- BTC bounces between $10.5K and $11.5K for most of the day.
- A large pump in volumes sends us towards an attempt at $12K before falling back down again.
TLDR Version:
Don't lose patience with Bitcoin just yet- we are on the cusp of something great here people. This correction is natural and healthy for the whole space so expect prices to stay in the $10.5K-11.5K zone throughout most of the day. We will continue to experience even more growing pains as regulations come down the pipeline so be prepared.
Price Target:
$11,250
Alt-Coins To Watch:
- LTC
- ADA
- KCS
- DRGN
- LINK
- QSP
- THETA (wild card!)
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-20-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
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https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
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*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.)
And the winner is: Bitcoin Cash! 💰
LOL
It's good that bitcoin slow down sometimes because i don't have enough yet
By the way have you checked out THETA yet? New token that was just released not too long ago. Only trades on two exchanges and is still about the same price as when it hit markets...
This could be our home run coin my friend!!!
I am just looking at it now. Yes it meets my criteria as it is new and hasn't gone up yet, I think i'll buy some. Need to sign up to the exchanges. How much was the ICO price?
Not sure about the ICO however the Gate.io exchange is highly recommended... I have a ref code that will save you 10% on your exchange fees for a year :-D
I already bought from huobi, but thanks. I just checked, it was 12 cents during ICO. So still early
Hehe I am patiently awaiting the next huge jump. Once the whales feel like they have had enough fun playing with the market I think they will dump some more money back in and ride the wave back up again.
Theta is up 40 percent. Thanks man
The upward move is not going to be easy, the bear flag is still on, since it is still trying to break above the critical support level shown in red at $10600, if it succeeds in doing so next upward target will be [email protected]% retrace, and after that the heavy resistance @12800, i will watch closely till then before calling bulls.
if it fails it may find support next at the previous low ($9,005), denoted by the blue dotted trendline on the chart. Just below that, we have the [email protected]% retrace, which could also be supportive. A break below the 78.6% retrace, will put the bear flag target @$7600 in BTC's sights.
$8K BTC would suck, but it's not THAT bad in the grand scheme of things. I am very curious to know what's going to happen in 3 days when the next round of futures contracts expires (Jan 26th).
your prediction for 3 days is perfect, $11250 is around @61.8% retrace that is the next upward target i am looking at, but currently BTC is trying to break above the the red support level @10600, a break below that can pull it further lower.
Hoping to see a rebound in price soon! So much red lately, still more than 50% down from my peak.
Should be seeing some green especially with the good news from Korea recently
I'm sorry to hear that friend. I think we have all seen pretty steep losses by HODLing but patience is a virtue and you will be greatly rewarded in the future!
We are the early adopters... remember that the average person still does not own crypto and won't for several more years.
Yeah that's what I'm banking on! Despite recent losses, I'm still up around 25 times in 5 months haha
Great post! I Believe in Bitcoin and steem, just hold! :)
Once I took a $100 dollar bill and made it say "IN
GODSTEEM WE TRUST" and then drew a Steemit logo on the back with blue sharpie.The next person to see that bill was probably so confused haha!
So much red! Lets hope too see a change in the chrts soon...
https://dmania.lol/post/cryptoscout/red-red-so-much-red-zg1hbmlh-3m9m6
I have a good feeling tomorrow we will see some green... for how long I cannot say but there seems to be some high level market manipulation at play by some very serious whales.
The whole crypto market is mostly just whale manipulation at the moment
Bitcoin keeps breaking records! Its value rose over 360% from the beginning of 2017**.
Cryptocurrencies are known for their rapid price movements, providing potentially high returns on investment.
LOL 360%? More like +1000%... It was trading at under $1000 at the beginning of January 2017.
Volatility is the name of the game baby!!!
okay agreed but something is disturbing now yet my boy
well information in bitcoin keep it up
I try I try, thanks man.
Your post is very interesting. I would like to ask how your prediction about bitcoin 2018 is whether it will go up or it will decrease
Bitcoin will be much higher by 2019- without a doubt in my mind it will have to rise over time as the community continues to grow. The only real threat to Bitcoin right now is Ethereum or some fully scalable, fee-less crypto with a better use case that comes along.
thankyou for the response. @ hotsauceislethal
if you think what currency is suitable we buy for the future
I have so many coins in my portfolio right now... I recommend looking for coins that have 3 main components: 1) A good leader/creator, 2) a solid development team with prior accomplishments and 3) a very strong community to back it.
Getting through it but crypto will be back at the end of the month.
It's always darkest before the dawn. Just seems that this darkness is lasting forever!
Nice analysis... I hope btc will become stable at 13k so that alts can rise...
Lets just hope that they roll out the lightning network soon. The increased SegWit support by miners is going to increase network efficiency over time but it seems like too little too late.
Wow nice you are super your analaysis is correct
Lets see btc down or up
I have been doing this for a while. It gets easier to predict movements the more you understand the market psychology and previous support/resistance levels.
Yes sure brother i connect with you always
Your talent shocks the world of steemit.
Wow thank you sir- I try to progress daily with my knowledge and my technical analysis. I hope I can help my community to make informed decisions and make some profits :)
Very good analysis. . I have considerable confidence in Bitcoin, I believe bitcoin will go further in the future, but sometimes Bitcoin becomes a soldier from the king, it is a matter of little thought :) :) Great post dear @hotsauceislethal
Why thank you. I work hard to bring the latest Bitcoin price action to my followers.
dear @hotsauceislethal
I respect your hard working, that your hard work will soon be successful. .
Bitcoin chart and graph statistics havent been encouraging from the ones i have seen but with time it makes an increasing/decreasing marginal growth. But what i feel is that,when bitcoin is legally accepted and gets patronage as a means of transactions, it will get its value back. I see other crypto currencies making a competition with bitcoin thats why the fluctuation is at this way and EThereum and ripple is really making it worse of in the crypto market. But sure it will bounce back in value because it's not the first time it had a fluctuation. Thanks for sharing your searched statistics on bitcoin
Honestly I think the Bitconnect collapse has hurt Bitcoin in a lot of ways. The constant flood of Bitcoin moving in and out of their platform was creating a lot of action and volume for the BTC prices.
Without a constant flood of people buying and using Bitcoin it has slowly been losing value.
Very true. That patronage of people using bitcoin really made the value dropped. Because I can remember 2years back when it was recommended that I can purchase items on ebay and Ali express foreign online shopping with bitcon, bitcoin was at his peak and i made x5 by investing in it. But now,other high preferred crypticurrencies has made the market for bitcoin fluctuate badly. For reason i havent really phantom because its all same crypticurrencies but i belive its how these various ones have beem accepted in various nations. But still and still, i got bitcoin back until it gets a value as before and even more
Great analysis! These are very interesting times... and too much red 😯
Yes I agree... We may continue to see more red until Jan 26th since that is when the next round of futures contracts expires.