Bitcoin is coming up to a major inflection point.
Bitcoin is almost at a major inflection point on the charts.
Volatility has been compressing for weeks/months and we are approaching some critical support levels and moving averages.
All of these leads me to utter the age old adage, "will we sink or swim?"
Possible supports lie just below:
As you can see prices are barely clinging to life above the 200 MA on the weekly chart:
(Source: ~~~ embed:1092775137080954880) twitter metadata:RmVyYVNZMXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9GZXJhU1kxL3N0YXR1cy8xMDkyNzc1MTM3MDgwOTU0ODgwKXw= ~~~
If we break the 200 MA to the downside, short sellers are going to pile on in full force.
Throughout its history, bitcoin hasn't really broken its 200 week moving average to the downside for long periods of time.
Doing so now would be pretty bearish and possibly indicate "this time really is different" in terms of the correction.
Basically it's not really something I want to see and if we do it could indicate this bear market has a long ways to go yet.
Bitcoin is also closing in on an important MA on the monthly chart.
Bitcoin is now just a few points above the monthly 50 MA as well:
(Source: ~~~ embed:1092775137080954880) twitter metadata:RmVyYVNZMXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9GZXJhU1kxL3N0YXR1cy8xMDkyNzc1MTM3MDgwOTU0ODgwKXw= ~~~
Also, we have 6 red monthly candles in a row, something we haven't really seen much of in bitcoin's history.
This should serve as a very good inflection point where prices are likely to bounce.
If they do not, that would also be considered very bearish price action.
On top of that, we are also very close to the recent lows of this entire bear market, coming in right around $3,100. Which should also offer some interesting price action.
Where do you think we go next?
We will have an answer in a matter of days in my opinion as we are about to move in a big way one direction or the other.
My gut feeling says we go up this time.
Perhaps I am too much of an optimist though. :)
Stay informed my friends.
Follow me: @jrcornel
I wonder if the entire market is at that point right now (with the exception of litecoin because from all the charts I've seen it's been pretty bullish. Steem seems to be sitting on a rather crucial support right now and if BTC drops below $3,000 we will start seeing lower lows from what I'm seeing on the Steem chart as well.
Yep, the total crypto market cap chart looks very similar to bitcoin's. We are getting near an inflection point in all coins.
if the govt shuts down before fidelity opens platform
we will be holding our breath for quite a while lol
whats going on with baakt any news i cant find anything
first time in my life im hoping the govt stays open to launch all these platforms after that i say close it forever lol
have a good day jr and stay safe and starve the beast
if the govt shuts down before fidelity opens platform
we will be holding our breath for quite a while lol
whats going on with baakt any news i cant find anything
first time in my life im hoping the govt stays open to launch all these platforms after that i say close it forever lol
have a good day jr and stay safe and starve the beast
Fidelity has already been green lighted I believe. Govt shutdown shouldn't interfere with them at all, if it were to happen again. Bakkt is waiting on approval by the CFCT. I think they are expecting to hear something back within the next month or so, barring no government shut down. If that happens again, Bakkt likely gets delayed again.
k thanks jr man good to know and it looks like cryptos are moving upwards today
im the type of person i want the govt shutdown forever but i would prefer till baakt and neon platforms are up and running and then shutdown the thieving murdering govt for good lol
have a great day and thanks for the information buddy cheers
To the Moon 🌝
That would be nice. Not looking good so far though.
My bet? Down... or a little rise to 3.8k maybe... to do a ABCDE triangle which normally breaks down...
Reasons that it probably is going down, more money going out of the market because of ICOs cashing out and traders then there is money entering the market through speculation, adoption and enterprises, also buyers are exhausted and trying to pay their 2017 loans... the only thing imo keeping us up is the 200 weekly EMA, which imo doesn't have enough historical data to be a good support...
And the perfect time to buy in is pretty easy to spot, just wait for the reversal of the market which is clear as day using trendlines, we might miss the bottom by a little but at least we wouldn't miss it by a lot!
I don't like to make "ads" on other people's posts, but if you want you can check out my last two posts since they are about this topic, but I think i summed it up here pretty well
Looking like you may be right thus far... price appears to be breaking down. Interesting to see if it is a 'headfake' or not.
headfake ahahah now that's a new one to me, I normally call them bear traps :P Let's wait and see... meanwhile, I'll keep saving money and earning steem until the reversal
well my gut feeling says down, so yours must be right
Haha, at least one of us will be right.
The buzz I'm hearing is that May is going to be the big movement time. I guess we'll find out.
That would be 1 year away from the next bitcoin halving. Where are you hearing this?
Crypto Zombie and a few other places.
What was their reasoning?
Here's an article I found.
With the next bitcoin halving expected to happen in May 2020, the time has come for investors to start paying attention to this pattern. Historically, the halving starts getting priced in approximately one year before it happens, which would result in bitcoin bottoming out in early 2019 followed by a rally starting in May 2019.
I'm not sure why people are predicting the bottom in May, but I find it highly likely that we will see Steem price down to $0.20 again. You could see that it's still dropping down to the $0.27 range right now.
Yea if history repeats (it may not), prices should start moving up around March-May time frame.
Worst case scenario I reckon is that we continue to break bearish until the next halfening next year unless a major announcement of adoption happens first.
During the first two halvings, bitcoin started to move up about 12-15 months prior. Which is exactly where we are right now.
I haven't looked at a chart recently, so thanks for that reminder. Maybe we are due for some bull action. It would certainly help.
Yes it would. Even just bounce would at least reinvigorate the space a bit.
I am inclined to believe in an upmove too...
I just don’t see why people would not pick up BTC at 3400 USD...
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Hopefully. They might think they can get it for $2k and want to wait there.
$1million dollars by next month or ill eat my....🤣🤣🤣
We gonna see some movement soon imo. Id estimate around April/ May w some big moves.
You and John McAfee! Yea I could see that as the time frame as well.
I wouldn’t mind lower prices... keep an eye on that 100 and 50 day moving average... they are about to cross soon 😏
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Ironically the death cross marked just about the bottom of the last bear market. Repeat?
Nothing new my friend.
There is small volume, no destacable market, so we will go where the bots want us to go.
Where is that?
First go up towards 3500$ and then go down to 3200-3100$
It looks like may just be breaking down without the pop.
LOL! Well that covers all bets! 😅
I'm plumbing for sideways action....lol
Green double zeros!
Could be the capitulation move many have been waiting for which could lead to a dip and then V shape bounce.
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Hopefully. I am ready for this slow grind lower to be over with.
Bigly. Ha ha
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So far it is going down bigly.
As I see it currently, there is about 800 USD discrepancy in what the Bitcoin value should be and what it is... This essentially means that if the current trend continues, we will see in next two weeks if the value will correct or not. Everything suggests the value should go up pretty soon, but nobody really knows if it takes two weeks or two months.
Discrepancy among the different exchanges you mean?
Nah... discrepancy between moving average and the current rate... Most of the time those two should be far from each other, but currently they are getting closer and closer to each other.
Or so I think XD
It went up lol
Yes it did! Hopefully it holds now.
Thanks.