Has the cryptocurrency market finally bottomed out?
Has the cryptocurrency market finally bottomed out?
This is a question which is hard to answer but given the recent price action where prices made a higher low, it definitely seems so. The previous low made was around 5700. In this recent downward move, Bitcoin made a low of around 6100.
We have also seen a mini inverse head and shoulder pattern which points towards 7700 targets. I believe that we are out of the woods with this recent price action. However, volumes were not great, which is definitely a cause for concern. Although, I believe that the market may have bottomed out, I don't immediately see Bitcoin heading straight higher targeting 20,000. I believe it will trade in a range bound manner in the range of 6000-10000 till end of year. 2019 accordingly will witness a start of the biggest bull runs in cryptocurrency history, which may last for many years to come.
Can't wait for more bulls to come.. :=)
true that
The long answer is probably not (no panic) The short answer is yes for the time being and we are headed back toward 10K
@heyimsnuffles, any reason you feel 'not' . Is that your long answer. Good one!
After watching all sorts of markets whether it be crypto, forex, avocados, etc. Bottoms happen on panic. Long term bottoms happen on major panic...when that happens i beleive the true bottom is in....there was no panic when it tested and held the feb lows.
Yes it is! Have your heard about the Electroneum giveaway? check my account
thank you very much, will do so!
We are still in the acceptance phase and Bitcoin speed of transaction needs to be fixed before any lift off.
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
Much better research than the original posting.
thank you for your feedback, can you please share some more constructive criticism
Certainly.
TA is bollocks. Just don't do it. And: Your analysis is just guesswork.
what is your basis
is there any research involved
just a suggestion, let your bot reply after some intelligent analysis, not just some inane reply
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Like you're saying in the article, the volumes are not too great... so maybe we are not at the end of the bearish market. You can still listen around many opinions that bitcoin can reach $5000, before starting the climb again... we will see what happens!