Bitcoin: Where to go from here? Charts, News, fundamentals and Whaleshares promotion!!!
Hi Steemers,
today I would like to take a look at Bitcoin and the overall cryptocurrency market.
The cryptocurrency markets are generally not always very easy to predict. There are many influence factors that are very peculiar to the cryptocurrency market. These would be for example ...
- There is a lack of transparency because there are no regulated exchanges
- Many medium-sized exchanges spread around the world determine the price of Cryptos
- There is hardly any way to secure your positions (except tether which is controversial), yes and Bitshares :-)
- There are still more unprofessional investors on the move than big professional investors
- All Crypto Exchanges are calibrated on Bitcoin that complete trading system is constructed on the Slug Horse Bitcoin
- All Altcoins are sometimes less dependent on Bitcoin prices
- And many more points ....
One way to get some meaningful information out of this tangle is to look at the charts of cryptocurrency and combine that with fundamentals and the current newsflow!
Since the beginning of the year 2018, we have seen all kinds of bad news from different states and regulators all over the world. China, Korea, India, USA and Japan are all tightening the screws on regulation, fraud and manipulation efforts. This combined with the overall bad narrative (crypto is overhyped and for money laundering, tax evasion, drugs etc..) had lead to the massive sell-off in which we are right now.
Now, let's look at the chart and some positive developments.
Bitcoin Chart - 1 Day Candlestick
(Zoom-In -> you can hold "ctrl" and move the mouse wheel)
What insight can we draw from this chart?
- Bitcoin has a strong support zone that expands from 5000$ - 6400$
- Bitcoin is still in a downtrend but is trying to find a floor around the top of the support zone
- Bitcoin has a couple of resistance level to overcome before a new upward trend can start 7600$ - 10 000$
- The Volatility in Bitcoin is decreasing. We can observe that by seeing smaller day-candles in the chart and also the forming of a triangle pattern in the price of Bitcoin is narrowing.
-> As long as we don't break the lowest support level of 5000$ or we break the resistance level of 10 000$ - Bitcoin seems to be in a neutral position for right now. I would see good long potential when Bitcoin falls into the support zone and then take profits if Bitcoin doesn't manage to break above 10 000$.
Positive fundamentals and News:
- The Bitcoin transaction fees have been dropping massively. Bitcoin
- The Lightning Network is active and running and there is also a first mobile App that supports the new features
Mobile Lightning Network - Big Investors like George Soros, who previously were against cryptocurrency, are now taking a look to get in big times with there investment fonds George Soros Crypto Investment
- Some countries have been making good statements about Blockchain and adopting that technology in there governments or banking institutions Blockchain and goverments
- Many US Investors took profits, because of the coming tax-date 04/17/18, after the tax event it is likely that new money will flow back into cryptocurrency Tax Event and Bitcoin
So what do you think of the current situation with Bitcoin and the cryptocurrency markets? Are most of the bad news over for Bitcoin and cryptos, or are we facing another quarter of massive losses?
I look forward to your comments, ideas and questions.
Until then, all the best,
your @masterthematrix
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We appreciate your analytics a lot. @masterthematrix you are high value 👍
There are so many people that bought crypto without the intention of using it as a replacement of money. They didn’t understand what it was to be used for in the real world. Speculation has really hurt the value. Don’t buy to sell higher, buy to replace old money.
That is a good point and maybe a lot of the private investors are realizing now that they should gain some more knowledge about cryptocurrency and their purpose. Anyhow, I don/t think speculation is a bad thing it means only that you are willing to take a risk for a possible profit in the future. And the future is always uncertain so in a broader sense speculation is not only restricted to financial markets but to all human decisions. Because you never know for 100% certainty the outcome of any decision you make in life and the same accounts for cryptocurrency.
Great post! I think that because Bitcoin has been so stable the last few months, that people are looking at it as a better and better investment. When the price stabilizes AND the technology keeps getting better and better - there should only be one way to go - UP!
I'm excited for the summer - make sure you are ready to invest :D
Yes, I totally agree that the technological developments in the crypto space will finally lead us into a new bull wave. Set the sails for some awesome gains!!!
UPVOTED | RESTEEMED | FOLLOWED
hui, habe das gerade noch rechtzeitig gesehen. Du hast einen neuen follower! Fantastic post.
Haha, die Rettung in letzter Sekunde fuer diesen Post😂 Super Upvote vielen Dank fuer deine Unterstuezung @knircky Follow as well.
Thanks for sharing and for your posts about APPICS! @masterthematrix. I really like your account! 👏
Never have the feeling to miss out on something with following you! 📈
🏆🏆🏆Your are definitely one of my favourite investment experts! I follow your account for a while and I can always feel and read your impressive view and knowledge about Blockchain and the development about our global economy.🏆🏆🏆
Very impressive stuff!
That´s why I have decided to promote your post!
Your posts are worth to read!!!!!
your @mynaturebody 🌱
not so sure could be on a bull run from this month i find your article a bit outdated just my opinion but keep up the good work
the way i see it most people in crypto are there to make a quick profit or alot of profit over time . i think this to be part of the draw to crypto make money fast just my opinion
You got a 1.29% upvote from @getup
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