BTC price analysis - Breakout or Fakeout!?

in #bitcoin • 7 years ago

Bitcoin just hitted $11.000 and bounced back to $10.900 within just 20 minutes. So what are we currently seeing? Is this the breakout everyone is waiting for and will we see the Bulls to join this race?

Once we have a look at the 15m chart, we are now at a very critical point for this week. From what volume is telling us, People will sell off once it hit the magic $11.000 mark and will pull BTC back to arund $10.500 within the next 1-2 hours.

Sadly but totally clear, as resistance is mainly still at $11.000 and as we're that close to the weekend, we will likely see again a "red" weekend.

15min.PNG

But maybe this is one of the last pullbacks below the $11.000 line till we see the "Bullrace" again. We will close March for sure at a range of $19.000 - $22.000. So maybe it's a good time to wait till saturday or sunday and invest some money for this nice upcoming race

1h.PNG

Disclaimer: Never invest more than you can afford to lose!
This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I'm not responsible for any of your losses. By reading this post you acknowledge and accept that.

#trading #money #cryptocurrency
7 years ago in #bitcoin by
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     7 years ago 

    Do you have an explanation of why you think Bitcoin will close out at the end of March in the $19,000 - $20,000 range? I do hope you're right.

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     7 years ago (edited)

    Let's start like that: At least I really hope that it'll close in that range!
    The main reasons why are for me

    • Coinbase adopted SegWit which leads to a massive drop in transaction costs as Coinbase generates around 40% of the BTC transactions
    • The Lightning Network is becoming more and more populare, most of the people will try to buy in before it will go live and will push the price to a new all time high
    • Everything you do in the alt coin market goes through BTC (and a bit of ETH), so if other coins will raise, also BTC must go up first
    • The market is still oversold, so once the downtrend is breached, a lot of people will buy in again (and I believe in that we will break the downtrend within the next days), as there were a lot of people just panic selling
    • Once BTC is back in the uptrend, media will again jump on the train and stop that nasty "bubble" discussion
    • Last but not least, I think we're at a starting point, seeing maybe one of the best years for the whole crypto community
    [-]
     7 years ago 

    Thank you for your detailed explanation. That was very generous of you.

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