Bitcoin Market Update: Get in with the Smart Money.
Hi traders, let's look at Bitcoin.
Bitcoin.
To save you precious time, we've summarized our thoughts on two charts.
This analysis assumes that Bitcoin has bottomed and is pending fundamental news to start a new bull run.
Note the similarities in structure between the market in 2018:
...and 2015.
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We believe the market is in "waiting mode" pending more fundamental news coming from regulators (SEC).
Fundamentally, the technology is stronger than ever.
The progress made in Rootstock (smart contracts on Bitcoin), drivechains (custom side-chains on Bitcoin) and Lightning (instantaneous payment channels) tell us that the network will, in the long run, acquire many of the features that justify the existence of altcoins (thus making many redundant) but with better security at its core, which is basically what you want from an open financial protocol.
Strategy.
- Don't obsess over price action.
- Start accumulating Bitcoin in preparation for the next market cycle (trade with the smart money).
- Don't day-trade the chops.
- Get involved in the community(ies) you support.
What is your strategy traders?
Until next time,
FØx.
This content is for informational purposes only and does not constitute financial advice.
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Trade on Decentralized Exchanges: Radar Relay / Kyber Network
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by FØx
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STOPDo not miss the last post from @steemitboard:
Excellent! In 2015 there was a fake bull run that ended with capitulation. I believe we are close to the last fake bull run before the capitulation.
Interesting, was that capitulation triggered by some sort of fundamental news?
I wasn't in crypto at that time - just looked at your charts.
I wasn't either to be fair, starting trading at the end of 2016.
Checked what caused the August 2015 dump, apparently it was some FUD around a Bitcoin fork:
https://cointelegraph.com/news/bitcoin-xt-fork-can-blacklist-tor-exits-may-reveal-users-ip-addresses
The market was very illiquid back then though.
It seems that this analysis was perfectly timed out considering today’s market move !
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Yeah, let's see how far that goes :)
It's a good point. I'm on-board with this sort of approach in my latest post. I think there is a high probability the downside is over with, and we're either in the middle of the accumulation phase, or at the very end of it.
Good job, @tradealert. I check out what others are saying just to make sure I didn't get things completely wrong. :D