We are getting close to decision time for BTC...
Bitcoin is about to brush up against its year long downtrend line.
That usually means price is either going to break through it or bounce off to a new lower level.
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Which will it be?
Unfortunately, my guess is that we break to the downside yet again.
I wish I had better thoughts, but usually at bottoms we see more violent price action.
Meaning that when prices plunge lower they often bounce back just as fast if the bottom is truly in.
What we have seen is a slow meandering drifting type of price action off the lows.
Not something usually seen when bottoms are put in.
Hopefully I am wrong though and we smash through the downtrend.
What do you think will happen?
Let me know your thoughts in the comment section below.
Stay informed my friends.
Follow me: @jrcornel
I am hoping the downtrend reverses and starts a new uptrend.
Me too.
It will have to leave that downtrend line at some point. If you continue to draw the line all the way to $0 it will reach that point around the first of may 2019.
I doubt it will go that low so we will most like get some answers (break the line) within now and 3 months.
Hopefully with a nice up move.
Very true, and yes hopefully with a nice move up. There is also the possibility we do break it to the upside now as the sentiment in crypto seems to be changing, you can sorta feel it as random altcoins are finally moving up again.
"Bitcoin likely to see major volatility..." In other words, everything normal!
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Status quo!
I thought with ETF approval on January 24th we would see a very positive move for Bitcoin. Now, thanks to government shut down, the SEC is putting everything on hold so we will see another delay on ETF approval. Not good in the short run.
Yea, I don't think we will see an ETF approval for a while. The next date to watch for is VanEck in late February.
😩😩😩
Yes nice prediction, you are correct
You also think lower?
May be or may not be anything could happen
Probably one more big test upcoming for those saying they have strong hands! Got my popcorn (and wallet) ready!
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It may be starting now...
Yeah I believe we will drop a little lower but not drastically. I feel that were not at the bottom quite yet but are near. I believe bottom will be around $2,500 give or take a $100 and as you said a quick bounce back up and a long sideways action for 2019 unfortunately for those who are in a rush to make a quick buck. The bitcoin halving in 2020 could kick off the next bullrin. Unless we get some crazy news to bring all the hype back.
I see 2019 as a accumulation period, there are many undervalued projects out there in my opinion. Great time to cost avg and accumulate. The bottom is near. #blockchainrevolution
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Yep, I could see that as well. I doubt be break $2k.
I would like to see bitcoin $1300. 😋 jk lol
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Ha, I hope we don't!
Both interesting and ironical...Today, I commented that what Laura showed Jeb at the recent HW Bush funeral was...
BTC is going to ZERO...
If I was in to memes, this might be a good one.
Hopefully, this won't happen; but, it's gotta do something...eventually. And, with the economy heading south, and the government 'shutting down'...nothing would surprise me.
I'm one to resist pessimism, so I'll leave it here...lol...
Peace.
It has never existed during a recession. It will be interesting to see what it does during this next one.
I would like to see bitcoin $1300. 😋 jk lol
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Nice, well I hope for bullish sentiment to come back as the US Gov shutdown drags on and the yellow vast protests in france continue. Although a downside towards the next fib seems likely. If that is the case, I think we may be sub 3k for quiet sometime, sadly.
You may end up being right. There isn't much of a reason to buy bitcoin for a lot of people currently. Once it starts going up again, they likely chase it again.
Protect your money in a bear market. Or wait for decisive weekly trendline upward penetration like the one you drew up
That is not a bad strategy with something that trends as strongly as bitcoin does. When it starts moving in a direction it tends to keep going in that direction for a while.
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STOPLike I said before, unless there is sudden spikes in the graphs, it won't change direction... That said the exchange rate will most likely stay almost the same for few days before dropping even more. Most of the people I know have said the upclimb happens around December 2019 and I presume the next peak point will be around mid-January 2020.
If it follows the same pattern as the bear market of 2014-2015, yes that is roughly the time frame.
Nobody really knows if it will follow the same or similar pattern as there has not been any good news that would warrant deviating from the current pattern. Everyone is impatiently waiting for signs that would happen just before the upclimb starts.
There has actually been quite a bit of good news recently, with several major potential catalysts on the horizon. We have Bakkt, Nasdaq, and Fidelity all set to launch crypto exchanges/futures products in Q1 of this year (though they may get pushed back to Q2 due to government shut down). Not to mention ErisX launching. Plus we have the SEC ruling on several major bitcoin ETFs set to happen within the next few months. That is just news related to wall street and institutional money... there are quite a few others if you dig deeper.
I don't constantly monitor exchange rate of BTC... I just set target rates once or twice a year and then check maybe every 3 months if it has fulfilled my trade orders. I don't think I'm going to push more Steem to exchanges anytime soon as I've stored most of my Steem in savings account that has 3 day withdrawal delay... Currently I get about 0.15 Steem every week and I try not to transfer less than 3 Steem due to some exchanges having high withdrawal fee for Steem.