Pivot point: 11489 As long as the Pivot point is a support, the overall scenario is bullish. If the Pivot point becomes a resistance, the scenario changes to bearish. Close around the Pivot point, there is an undecided scenario with a sideward trend.
Resistaces R1 and R2 and supports S1 and S2 are close together. Therefore, we expect a slow upmove with narrow swings. This is not a good scenario for trading. Spreads will most likely be bigger than the swings.
LOL. Have any of you admitted yet that Bitcoin and the concept of inelastic supply is a scam? If you haven't figured that out yet, well, figure out how to price the cashflows and then back back to me. OH THAT'S RIGHT. THERE ARE NO CASH FLOWS. IT'S A UTILITY. IT'S NOT MEANT TO GO UP IN VALUE. Tell me how you can even price the fundamentals of bitcoin, or how you can possibly come up with any tangible valuation or intrinsic value. Pretty hard huh? That's because there is no intrinsic value, and it's not the legal tender used to pay our taxes, so there is no power behind it yet, until they allow us to pay global taxes with it. If there isn't, then it's worthless, because money is only as valuable as its ability to collect taxes from every person.
xxomegaxx
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@josephtse, It's an asset. Can't pay taxes with gold, copper, or stocks neither. So what's your point? You realize BTC has corrected every January in the last 4 years? It's still parabolic.
luckyhelper
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@josephtse, @josephtse, you are thinking in the right direction. However, the value of a currency or a cryptocurrency does not depend on the acceptance for paying taxes. Fiat money has also no intrinsic value and its value is only by decree. The more acceptance places there are the more people will use a currency or a cryptocurrency. Because most cryptocurrencies have a limited number of coins, the market price of cryptocurrencies will rise, if more people use it as a payment coin or for savings. There is no inflation with cryptocurrencies, because there is not an unlimited supply unlike with fiat money. The governments let the money printing press print new money all the time and for this reason, we suffer under inflation. Government money is not a qualified medium for accumulating savings because of inflation.
Why does the price of Bitcoin drop dramatically? It does not seem that it already reached the bottom. It is because Bitcoin cannot hold its promises. Payment transactions take up to eight hours and the transaction fees are expensive. Therefore, Bitcoin cannot be used anymore for Nano payments and Nano donations. It is unthinkable that Bitcoin can be used on a checkout of a supermarket. For this reason, people started to turn their back on Bitcoin and they are moving towards others, alternative coins with a better performance. On February 1, 2018, there is the launch of the Futurocoin. Futurocoin is a payment coin with cheap transaction fees. A payment transaction will be executed within four seconds. This new coin is specialized for payments and it is well qualified for a checkout of a supermarket. As performance is what counts, Futurocoin will have a bright future and it will attract many users. I guess that it will be one of the top five coins soon. For a coin with such a positive outlook, it is irrelevant if I can pay taxes with it or not. There will be plenty of exchanges for buying fiat money for paying taxes.
The launch of the Futurocoin will be the biggest launch the cryptocurrency scene has ever seen. There is a community of more than half a million people waiting for buying the coin on the first day. This community will acquire new acceptance places because they get a lifetime share of the turnover. Expect that this coin will develop faster than other, technically similar coins because of its huge active community.