Have we seen end of the Bitcoin correction
Have we seen end of the Bitcoin correction or is there more to come? This is a question which is very difficult to answer. But, We can surely make a few educated guesses and predictions based on Technical analysis. However, since Technical analysis is not an exact science, it is left to the subjective opinions of technical analysts. I am by no means a financial advisor nor a Technical Analyst. Hence, I will only present a plain opinion piece.
Looking at very few basic technical analysis patterns, it is fairly simple to make guesses. Since Bitcoin has seen a break above the downward sloping trendline, I would venture out to say that it is the end of this corrective move down from 10000, which started a month and a half ago. But are we out of the woods yet? That is hard to say, but it definitely marks a short term bottom in place.
We are likely to see more consolidation in this broader range of 6000-10,000 before we witness any surge upwards. My view is that. we will see old highs of 20,000 and probably cross it by December. That would certainly be a great Christmas gift indeed!
It's so hard to know if this is the bottom for sure but I feel like the bottom is close. It's too risky to be selling bitcoin at these low prices because if you get stuck in fiat, it will be painful to watch bitcoin leave you behind :)
Hi cyberblock! you are right. I believe there is never a good time to sell Bitcoin! Haha
On a serious note though, fiat is going to lose value drastically over the next 10 years or so with the rampant money printing and the gargantuan levels of debt accumulated by the US since the 2008 meltdown.
Its a huge call, but I think cryptocurrencies is poised to overtake the equities market over the next 15-20 years. Sso we are talking about a market in excess of $100 Trillion worldwide!
No prediction would surprise me at all. Actually, since I’ve been in bitcoin, it’s always the wildest predictions that come true in the end lol
true that!
I see a year in the 1-4 trillion range coming up and then we will break 10 trillion by 2020 just my guess, alot of background noise makes it seem as though october is the stage setting for the global elite rally look at the timelines on alot of these projects. I think a make or break moment for distributed ledger tech will occur when the blockhain smartphone market opens up. I have a write up on why I think this is in my most recent blog.
thanks for your thoughts. Can you please share a link to your blog post?
Thanks again!
Thanks for your thoughts. Can
You please share a link to your
Blog post? Thanks again!
- cryptogem
I'm a bot. I detect haiku.
@cyberblock yaah i agree .
because of so many rumours that happen but price is gone a new high in near future after a new institutional fund is coming.
Probably not the end of the dumping. Might see another shakedown soon.
ok, @crypto2crypto, what levels of Bitcoin do you foresee. I was looking for the same and had some money tucked away to put in some altcoins but it took me by surprise as well.
@cryptogem $20000 by Christmas is possible. Bitcoin is in consolidation zone since 6 months now. We also need more big institutional investors to enter into market. Nice analysis by the way.
correct, you are sir!
yes true that!
can't predict that its bottom but i thing for sure volume have not been increased significantly so there is still chance we get another low.
Yes u are right! I didnt realise the low volumes!
My only hope is we dont breach these recent lows.
@zaicha, what levels do u foresee if at all
In last week a bit of positive momentum has been seen, but in this week same has been reversed. At the movement im confused and hoping for best.
upvote for me please? https://steemit.com/news/@bible.com/2sysip
upvote for me please? https://steemit.com/news/@bible.com/2sysip
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
thanks!
Dear friend, market is control by whales and when we started to comment about Bull run they prove us wrong.
When institutional money comes in, these current whales will start to look like small fish in a fish tank!
Hope so, institutional money will be come soon..
@cryptogem yaah we hope that
We pray that the FTM market is get open permission. Sp the institutional fund is coming.
thank you for your reply!
You got a 21.02% upvote from @upme thanks to @cryptogem! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% daily payouts ( no commission ).
@cryptogem yaah we can see high in bitcoin. But that depend on FTM market. Small bull we can see in near future.