Right now, it is testing what has become the major support line, which was the major resistance line for all last year. It should hold, or at least, it won't break easily. The numbers we're seeing right now are normal, and it's tested that support multiple times now, and not been able to break it.
If it does hold, the implications are staggering. Bitcoin trajectory will be very high. And we'd be looking at a great new year in 2018!
If it does NOT hold, then we're in a bit of trouble, and Bitcoin will drop. This is a possibility... that we're entering into a bear market.
This is a pivotal, or transitional time, on the Bitcoin timeline, as new resistance and support lines are developing right now.
I can't show it here, but if you zoom in to current pricing, you'll see the MA 200 looks like it's turned bearish. However, look back to July, which was the last major re-test. Zoom in and you'll see the MA 200 looked bearish for a while there too, before it took off.
I can't say which way it's really going to go, but i'm watching closely at this time, and trying to be prepared for either direction (as most of my holdings are in Bitcoin). Anyway, Happy New Year, and best wishes to all of you!
If it does hold, the implications are staggering. Bitcoin trajectory will be very high. And we'd be looking at a great new year in 2018!
If it does NOT hold, then we're in a bit of trouble, and Bitcoin will drop. This is a possibility... that we're entering into a bear market.
This is a pivotal, or transitional time, on the Bitcoin timeline, as new resistance and support lines are developing right now.
I can't show it here, but if you zoom in to current pricing, you'll see the MA 200 looks like it's turned bearish. However, look back to July, which was the last major re-test. Zoom in and you'll see the MA 200 looked bearish for a while there too, before it took off.
I can't say which way it's really going to go, but i'm watching closely at this time, and trying to be prepared for either direction (as most of my holdings are in Bitcoin). Anyway, Happy New Year, and best wishes to all of you!