Bitcoin: Just a retest or start of a larger correction?
UPDATE - NEW RECORD HIGHS ...
... BTCUSD is looking a little weak in late Asian trade, pair set another record close yesterday at 4718, but volume wasn't anything to write home about and pair is currently down on the day. My call for 5000 on or before September 5 still stands, except it doesn't hurt to be nimble when we're this far into a rally.
Here's a quick look at the daily chart:
As you can see above, the weakness isn't that pronounced yet and the chart still looks very bullish. Having said that, it wasn't the daily chart that made me question my longs today, but the hourly and 4 hour - the overwhelming majority of today's weakness occurred in a single hour at around 2 PM Sydney time:
Regardless, the short term bull-trend remains in tact and former resistance has not yet been tested. This is likely nothing more than a little hiccup on the path higher. We have just under 2 hours until the next 4 hour close and I'd like to see pair recover into the green before then:
As I said earlier, I remain bullish and continue to call for 5000 on or before September 5, but I'm prepared to start fading out if the lower time frame technicals deteriorate.
Good luck guys and remember to keep that greed and ego in check!
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Bitcoin will continue to go up, I have no doubt in that. And news like this also help:
"Ex-Expedia CEO and Bitcoin-friendly Dara Khosrowshahi has landed the new CEO role at Uber - which is leading some cryptocurrency specialists to speculate that the ride-sharing giant will soon accept Bitcoin as a form of payment."
Source
If one giant company stands behind Bitcoin, then others will start too.
Thanks for the tip - that could be HUGE!
Too bad they will probably use BitPay so users will have to pay approx 1.5x the tx fees - since BitPay now passes the network fee that they pay for consolidating payments into a single input on to users. How many people would actually make use of this if they have to pay something like $5 in fees to make a payment - although I would hardly be surprised if the markets disregarded that detail.
The fact that the Moscow Stock Exchange is rolling out infrastructure to allow trading of cryptocurrencies (although it looks like they will be limiting participation to accredited investors) is this weeks HUGE news IMO.
I'm not sure Moscows love affair with crypto is a good thing for people in the west ... if Russia is seen to be attempting to bypass western sanctions through cryptocurrency, western governments could well try to outlaw it ... What I'd really like to see is a small Western nation less heavily regulated than the US ie NZ or Aus, dive in and launch an ETF
Once ole Bitcoin's faster transaction speeds kick in at full force, there will be no stopping it, so I see nothing but clear skies for the flight of Bitcoin going forward. 💰
Microsoft accepts Bitcoin - how much bigger do you want? So do Expedia, Dish Network, and Overstock. All of them have for some time now. Unfortunately, thanks to the fact that the community allowed Blockstream to co-opt Bitcoin's development, the number of companies that have stopped accepting it this year is considerably higher than the number which have started (or will start, I expect).
More people probably do now with XBox live etc, but I've personally never bought anything directly from Microsoft. I've caught a ton of ubers though :)
Thank you very much for analytic, I'll remain bookish as well holding all my funds in Steem
correction - we wish
A Goldman Sachs analyst certainly seems to the top is essentially in, although I don't have much faith in the predictions of analysts from the legacy financial system when it comes to cryptocurrency. The fact that they are experts in their field usually means they have created a box made of their knowledge and have the view that nothing outside the box is possible. Once upon a time, I told one such "expert" to get on board and buy in ASAP when the price jumped from $120 to $140 following the Silk Road shutdown; they replied that such an increase was a clear indication that I should sell ASAP because I would always be able to buy back cheaper... Luckily I wasn't dumb enough to take that advice.
The big names are clowns in the tradition finance world too ... their public calls are nearly always wrong.
Very nicely done. I have been referring to that drawing regularly since the first time you posted it.
Thanks mate, much appreciated :)
Your wish has been granted?
Steem go soon up too .. this year it go 3.10 $
Me I am hoping for 10 usd mark.
that's my prediction as well
Thanks for sharing!
I think bitcoin will reach the end of the year worth more than $6000! Resteemed.
Highly likely IMO
Good info, thanks! I'm also betting on BTC 5K this week! Looks like ETH will clear 400 first!
Yeah ETH has been extremely strong against fiat, but still lagging hard against BTC ...
This trend channel is not right.
The channel should start from quite behind where you started
I've been trading and analyzing markets for going on 7 years - you? Analysis in general, and especially any thing to do with trend-lines, is subjective. There are no hard and fast rules.
Also look at the 4 hour chart, the tops are clearly respecting the support parallel.
You can see the price now. I think it will correct around 5000 mark. If you draw the channel from last real dip around 1800 then you will notice that it has a little more to go up and then we will have a bearish divergence as well. So then it can make some big correction.
I am in forex since 2010.
Yeah I have that support line drawn, but I don't like that for long term support, it's too steep to be sustainable ... I think it will break when there's a correction, whereas I think my less aggressive channel will hold. Though your resistance line would be the next line I'd draw if price broke above my channel.
Yeah .
I am ready for correction as well. Will buy the dips . And I know you will be ready as well.
Stopped right at my channel top ;)
I am hoping for dip so I can buy some Bitcoin. :)
Hopefully see a correction at 5K, but the dips can be quite fast, you have to be on the pulse!
Love the post and analysis bro and bring on 10k (AUD) by Xmas and I'll be a Happy Lil Vegemite :D
That would be awesome! I want to take my profits and run now, but I think I have to leave at least a coin on for the future :)
The magic number you want to have for the future is 21 - one millionth of the total possible supply. That's a substantial pile of money these days though... I mined more than that many once upon a time, and foolishly spent all of them before it broke $20 :-/
Yeah bit out of my league atm ... could have done it when I first heard about it if I persisted with the overly complex fiat -> BTC methods of the time ... but I gave up :(
I hear that - I'm in the same boat when it comes to that because I foolishly spent all the coin that I mined back when it was still real cheap. Personally, I believe that BitShares has far greater potential than BTC, largely because it's already solved two of the biggest problems that are barriers for the use of Bitcoin in commerce - scalability and volatility. BitShares is still just barely above the ground floor - but it won't remain there for very long at this point.
Yep, completely agree on that. Waves might look prettier, but Bitshares dwarfs their transaction capacity. Things will only get better if it heads to EOS too ...