Bitcoin: Are we crashing? I think not yet.
The market is looking pretty red these days. The end of the year is looking pretty grim and it seems that 20k was the absolute ATH for now.
But so far I am not ready to call the crash coming just yet.
But we are close to the parabolic uptrend. If this is broken thru to the downside this may trigger a longer term bear trend.
However so far it seems like we are still in the progress of forming an Elliot ABC correction and if the support where the parabolic uptrend and the red line meet hold, we could form a new rally from there in January.
This red line is the upper line from the previous channel which was broken after 5 attempts around 8200.
So at this point I am looking for the completion of the ABC correction above 1100, to confirm the parabolic trend. If that does not hold the next support would be 8200.
So as long as we stay above 8200 I think we cannot assuming we are in a real bear market, but once we break below 1100 I feel that the bear market has become much more likely.
Summary
It looks to me like we are still correcting from a very long run that is part of an overall bull trend. As such it still seems to that we are correcting within a rising market.
I feel like it just took a Rise way too fast so it needed to slow down wish a crash. But this is just the start , 2018 will offer lots of ups and downs as well .
Exactly! As we've seen countless times, any quick growth is always followed by a small crash, but then it stabilizes at a stronger support level than last time. Also, every peak before a crash shows future potential;)
Deeply agree with you after I done my homework and analyse the price. Check it here #23. Happy new year 2018!
Thank you for exellent and useful informations. Resteem - Happy New Year my friend
Saya belum pernahendapatkan upvote yang banya, tolong kawan2 beri saya upvote yang tinggi, terimakasih
We need to wait if there will be new buying power coming in next week. Until then it seems nobody wants to burn himself so I guess most investors are just waiting.
I'm quite surprised though, that there is so much action going on on the last meters of 2017.
Crypto never sleeps!!
Auch dir einen guten Rutsch und ein noch bessere Jahr 2018!!
I'm not actually sure that any crash can last. Just on Coinbase, there are so many customers having automatic monthly buys that Bitcoin price simply has to grow linearly (given that they keep buying monthly of course), although this minimum linear growth could be at levels way lower than those we see today.
Considerable analysis, thanks! We should not forget that we are above 10K since only ONE month. Perhaps some people have become too greedy (of course not you!). In the beginning of this year we started below 1K. Nobody could imagine at this time levels around 20K. So lets stay calm and HODL as always.
I agree! We shall HODL to the last drop of our blood. I'm sure that this is only healthy correction. Levels around $10k will hold (check my analysis #23) and in the beginning of the next year we will be above the clouds again. I like to use an Ichimoku cloud indicator when analyzing charts. This Japanese people have so colorful imagination.
Happy new crypto year 2018!
Nice analysis. Everybody is waiting to see completion of correction and start of upward trend.
Great analysis! We're both on the same page. :)
I definitely think we have more to do. Also, I think a lot of the other alt coins are getting a lot more hype and exposure, so I don't think it'll be too long before BTC loses market share. When that happens, I don't think price will keep the course it has been.
I agree with you and according to forecasts of analysts Bitcoin will cost 20,000 dollars by summer 2018. Thanks @knircky
Thanks a lot for sharing and discuss about bitcoin..I appreciate to your post..Carry on my friend ..Happy new year my friend ..Resteemit..
Nice post..Thanks for information..