BITCOIN - Don' panic. Future is bright!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi our dear crypto family.
Once again thank you for all your support you are constatnly giving us! You are the one of your kind.

So let's look at the chart.
You may probably have heard why we had this sale on bitcoin . Here is the list of possible reasons:
1. One of the US banks has ceased possiblity of buying crypto with credit cards (smaller demand and FUD)
2. Mt.Gox started selling their 8200 BTC . They induced the panic and here we go - price dumps.
3. Upbit - Korea Exchange - Police issues - again FUD.
4. CME price gap
5. Whales accumulation

So this is just temporary. Don't panic. We are at the begining of the story with blockchain and cryptocurrencies.
Do you remember when internet emerged? How many of you had in 1994 email address? Do you know anybody without one now?
We don't fell below the price below it is profitable for miners (look at our analysis "We will tell you why BTC will not go lower than 5800" - it is down below)

Right now it is estimated (it is difficult to count it precisely) that around 30 mln of people have at least 0.001 BTC .
This is nothing ( around of 0,43 % of the global population) comparing to over 7 billions of people worldwide.
Look at the bigger picture. Do we go in the desired direction?
Of course! Don't forget about that! Look at the adoption and prices in 2014, 2015 and so on... There are always ups and downs, turns, twists and corners. But at the end we will reach the goal which is massive adoption! Imagine current situation with possible one in let say 5/10/20 years time when we would have to pay 1/2/5/10 dollars for one satoshi. Be smart before it happens. Use you mind and imagination. Stay vigiliant.
Is there something you can do for mutual goal? Of course. Talk to your friends, family, collegues explaining them what BTC or cryptocurrencies are. Show them how to invest safely their first 100$. Tell them what the advantages are. Simply be AMBASADOR.
We hope those worlds will speak to you guys. We have to stick together.

Here are some technical analysis details:
  • MACD postivie (delicate) convergence
  • RSI - oversold zone with positive convergence
  • VWMA50 getting closer to MA50 - when the pink one crosses blue line - bull's cross - strong buy indicator
  • Finally, Weis Waves - our favourite last time - As you can see at the chart we marked bars with many vertical lines when current trend changes. We used trend detection length 3 as we think in current situation it gives the best insight of that what happens right now. As you can see usually when supply is growing demand is decreasing and other way round. Somethimes it happens that volume is small and both red and green waves are small. This is not the case this time. We marked you (1-3) growing green waves with significantly smaller (than previus red ones) red wave (A). This means supply is getting spent and demand is growing. We should see price rise soon!
If you like our job please like us. If you have any ideas regarding what we have written please comment.
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WBM Team
Comment: Guys.Congratulations! Weis Waves hasn't disappointed.
The next green wave has just started. Let's observe this if it grows and how often and how big we can see red waves.Given that we dont have any FUD and bad news we should go north.
Comment: If we cross VWMA50 and MA50 it will be another strong bull's sign.
Trade active: Trade is active. According to Weis waves we another green wave is forming.
Let's wait how big it can be. We have a very helathy sign - small red wave between 2 green bigger waves. We are in a trinagle pattern - awaiting for volume rise breaking resistance line and VWMA50 and MA50. If all that happens it will be strong bull.
Comment: Good news. Upbit issues seem to be solved. Quote from CCN Despite the ongoing investigation, UPbit has been fully operational and continued to process trades for its users. Based on the audit report of Yoojin, it is highly likely that the government investigation into UPbit will end with a simple issue in liquidity and if the report of Yoojin is accurate, UPbit will not suffer from any consequence from the recent case as it stemmed from a simple misunderstanding of UPbit’s wallet structure.

If the UPbit case was one of the major factors that led the cryptocurrency market to fall by large margins over the past week, the cryptocurrency market will likely recover as soon as the official report of the Korea Financial Intelligence Unit is released. Already, the South Korean cryptocurrency community has started to dismiss the UPbit case after the audit report of Yoojin was released and within the next few days, the local financial authorities are expected to reveal the findings of its investigation.

UPbit is a multi-billion dollar company operated by the country’s largest technology conglomerate Kakao. Investors claim that it would not have released the audit report of Yoojin and claimed that the exchange is not at fault if the government investigation will reveal otherwise in the future. As such, investors have started to gain confidence in UPbit and its future.
Comment: Market should be recovering. Full article
Comment: So guys. Demand hast stopped and supply is getting bigger. We are out of the trinagle pattern. We may encounter another discount on price but... Stoch RSI is very low in BUY zone. MACD positive convergence is observable.We have to wait for the demand to watch the price rise. Dont panic, dont sell, dont chase the candles. When the price is low buy, when the price is high sell.
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Great. I always enjoy reading your analysis! Good Job.
WBM_Team cmschlch
@cmschlch, we are glad to hear it!
very good TA, what is the name of the indicator with the red and green waves?
WBM_Team hart-mo
@hart-mo, thanks a lot! :) Weis Waves