A lot of projects within the space are massively overvalued.
There is a lot of delusion in the minds of this space, there is a mass of people who have money invested (whether it be coin, hardware , whatever) in this space who have creditors and bills.
Not to mention there have been a good deal of problems and scams which will stay in the minds of people who got burned and whoever they whine to.
We will see what kind of capitulation goes on at 7k.
The pattern is playing out similar 2014 and most parabolic advances now after the recent I think we go lower and grind sideways for months now.
Crypto, however, fundamentally is a much bigger space now there us a plethora of exciting projects going on and some of the best minds in the world active and the best buying opportunity is approaching in my opinion.
I remain unconvinced of a massive comeback for crypto and Bitcoin. There are memes flying around the Internet in regards to consensus 2018 pumping the price, however, I see this the same as in January the meme of Wall Street Bonus 'and in April how after taxes there would be a pump. Rumors spread in this ecosystem very easily and it seems many people do not check for themselves.
I see long term a triangle forming, the pattern could still be busted but seems to be paying out well.
Bottom edge of the channel that price is approaching is around December 2018 with price around 5800 - 6200
This would mean that the target of the descending triangle would not be reached.
Excellent breakdown. Buy / set orders in blue support areas and buy back then walk away.
There is now a good chance retail shorters will get rekt, we will see.
I will not ever turn my miners off but trading is off the table for me now.
See you all in 2020
Broke the meme channel, but that's okay, crypto is emotional and normally over extends its price ranges.
The bottom line is currency is being printed and value is being reduced.
USD is loosing its foothold on the oil markets etc. Without this value being added to USD it will be rekt. USD in my opinion is going to get rekt.
USD/BTC will rally to an insane level within the next 5 years.
BTC is hard currency, as hard as paper cash possibly even the hardest but without any entity controlling it. Think about that. Digital cash. Private, scaleable, with the best software engineers from around the world working together to advance the system.
Especially if bitmain gets rekt and dumps we will see a new 3/4 year cycle.
I would keep savings in BTC, it's transferable globally, its tradeable, its useable to purchase from many places and nobody controls it. Think about that, nobody controls it. Nobody. No one. It's
The next rally will be the 4th in BTC history - in trading we have to assume what has happened before will continue - this is the definition of a trend just over a longer time. I read about this on bitcointalk.com in 2013 and only now appreciate this invite.
The only issue is so many people think they can make a living off this market. They will be destroyed by time. We are looking for a long weight - lets let the cycle play out.
For an example of the power of BTC I suggest you watch Mr Robot. When all fails, BTC is and will be still strong as it has been for the past 7 years or so.
Remember - it doesn't matter.
Paper profits rekt yeah, however, I bet you/we all learned a lot about investments, money management and risk management.
First and last time I say it but hodl
After the 2014 advance we had a 86% retrace.
We are so close here.
I think the lowest possible range is 1800USD. Think about it, large money mangers have been waiting for this. Those who sold above 10k are waiting for this. There is true strong demand, BTC is not just some joke.
I have set Hail Mary orders all the way to 500USD we will see if a wick comes.
I have have margin buys a little under 3k we will see.
Do not become irrational.
There are/were many many degens in this market who kept it pumping until so much value was dragged out. These degens actually made loads of money or held loads of crypto which had value. Sadly so many lost both paper profit and actual capital value.
Wait for demand to return, it will come. If you haven't already visit Dream market place then if you can say out loud that BTC is valueless you are a fool. That single market turns over 10's of millions in sales.
The use cases for BTC are infinite it's bloody internet cash - just idiots selling through support or perhaps simply a market cycle. Those who held sold for profit high then sold to those who brought (in Jan times) and they got rekt and sold back to those who sold to them. Essentially hodlers sold to speculators who held the coins though losses and now they sell back after loosing value. Then these will hold until the market turns bullish.
The above applies to GPUS, computer hardware, tokens and coins. Fundamentals at this stage do not matter. The best most increadable projects are just as rekt as scam coins.
This is once again an opportunity just like 2015 and 2010, however, by venture of fear most people won't touch BTC until it is in the news for a heroic rally.
Buy the weakness, sell into strength. Simple. Don't be emotional. Be patient.
The chop - I think more ranging before more down