Technical analysis (1D):
- Consistent downtrend since mid-December, with few corrections.
- Previous few corrections were very weak, showing less buy orders.
- Red candle forming, on verge of breaking through into grey channel on fib retracement.
- Sell volume increasing significantly; higher than buy volume.
- MACD shows consistency in downtrend.
- RSI low, but will correct itself; indicators are sometimes inaccurate with cryptocurrency.
Fundamental analysis:
- Too many ICOs and altcoins; investors distracted and confused by the number of currencies, which led to FUD and selling.
- BTC has no value or purpose, compared to alts; fees to large, and transactions take days.
- This is the time of reflection, for smart investors. Soon, most volume will be in a select few alts, and BTC will die (like it should).
- Many are saying "crypto is done" but this is really just a massive correction; most garbage alts will be abandoned, and people will then see the true vision of blockchain technology, and will invest only into alts with a bigger purpose and mission.
Actions to take:
- Sell
This isn't a biased analysis; this is just the truth. I predicted this weeks ago. BTC will die, as it no longer serves a purpose. Altcoins have taken over. Unintelligent investors have turned crypto & blockchain tech into a childish game of gambling.
Be smart, do your research, and don't just invest into a currency for its cool-looking logo. Those who will profit largely in the long run: they're dropping BTC and garbage coins, and investing into solid foundations.
I'm being very vague, because it'd take me hours to type, but do your own research, and start thinking about what's actually going on. The only way to save BTC is to get rid of the large fees and transaction times; I don't think that's possible. It's easier to spend fiat than crypto, if BTC is the one used. People want convenience, and if mass adoption is the goal, it's time to drop BTC and pick up something else.
β Nio Pomilia
All of my market reports, and predictions, are based on prior knowledge ofβand sufficient experience withβtechnical and fundamental analysis, critical thinking, and logic.
agreed. good analysis
Thanks a lot.
Thanks for reading, and thanks for your upvote!
β NP
BTC is a one-trick pony
Haha, that's right, man!
Thanks for reading, and thanks for your upvote.
β NP
Agreed re bitcoin but all the cryptos are falling. knee jerk reaction from those who think they're all the same? bitcoin got the nail in it's coffin with the futures and high costs. Otherwise it could have still been useful as more merchants were getting onboard and accepting it.
Right, everything is dropping due to the confusion in the crypto-investing community; many think that crypto is over, but all this is: a huge correction, before the realization that a select few altcoins are the way of the future of blockchain tech, and that all others are garbage with no actual value.
Thanks for reading, and thanks for your upvote.
β NP
Blockchain is the gold here, it will become the future and replace a lot of obsolete, expensive processes currently in place. It will be huge. But, everyone seems to be building their own blockchains so you can't really tap into it. As for the crypto, even alt coins, I think monero and those that provide anonymity will be useful, others will become like electronic fiat unless they're backed by something.
Right, dude! Excited to see what the future holds for blockchain tech. Centralization needs to go.
thanks for posting!
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I have to disagree with you on this one :p
I definitely think BTC will not die, on the contrary since the supply is running out the value of it will go up I think of it as the digital gold since it's what it was first discovered. Last year it took about 48 days for the market to recover so I don't think people should panic.
We will see, my friend!
Thanks for reading.
β NP
The Keiser Report recently reported successful tests of Bitcoin Core's Lightning Network, so it may be too early to write BTC off just yet. π
Oh, damn! Good to know. I'll do further research.
Thanks for the input, and thanks for reading.
β NP
Exactly lighting network will be what will fix the scalability issue is awesome and they have been testing it with a lot of successful transactions. :)
Nice to meet you. I first started to get into steemit. I'll follow you. Thank you for a good article.