Watching all the BTC ideas on tradingview I didn't know whether I wanted to cry or laugh. Bitcoin and cryptocurrencies in general are relatively new to the trading world compared to other instruments and there's very little fundamentals on them, so, technically speaking Bitcoin is in an UPTREND! Simple as that! It's not going to 0 neither to a million in a months time!
The fundamental analysis we can make on Bitcoin is the Hype behind it and the Darkweb, there's millions of bitcoin transactions taking place on a daily basis whether it's for legal or illegal purposes, it's there, and there's more and more people coming in the market everyday, that shows high demand and why Bitcoin will only retrace as musch as the technical guys want.
Technically speaking Bitcoin will most likely form another triangle or a different pattern testing the 42000 level one or a couple more times before it will reach new hights, and in my opinion I see buying bitcoin at around 43000 as the best option and that it will never go lower than that.
Stay tuned for more Ideas on Forex and Crypto's from an Insider.
Feel free to ask questions, I will try to explain to the best of my ability.
baltimores-king
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Thank you for this honest analysis. I'm finding it really difficult to follow the pattern at the moment and I'm really unsure of whether to buy-in or wait a little longer. I thought a retracement to 43-44 was likely to repeat bit now I'm less confident in my predictions. Is this something you that you see as likely over the coming days/ week?
BullishOmar
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@baltimores-king, I'd be a bit more patient, the 43 level will definetly be tested at least one more time.
baltimores-king
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Thanks Omar, I'll watch closely and hold-tight. best of luck!
Please can you provide hard evidence and not just anecdotes that BTC is used for "illegal purposes"?
BullishOmar
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@jamie.llewellyn.metcalfe, never provided anecdotes, don't know where you took that from. Of course I can provide more convincing evidence that BTC is used for illegal purposes, although it's nothing new or a secret! A lot of unregulated trading brokers use cryptocurrencies as a way to deposit or withdrawl in order to avoid tax, but that's just the easy stuff! With a quick easy connection to the darkweb which anybody has access to (google how to browse the darkweb if you're interested), you can see for yourself that there's thousands of drug markets, hitmen providing services, credit card fraud and a lot more "DARK" stuff happening in the world with the only method of payment being cryptocurrencies, most times Bitcoin, so, considering that the darkweb is about 80% of the internet compared to the 20% that you and I know of, there's a huge demand for Bitcoin!
I plan on making a more in detail post about this matter, so stay tuned if you would like to see it, until then if your curiosity is not patient and you have big balls, Internet Connection and a VPN Provider take a look at the DarkWeb, but as a Disclaimer, please be very, very careful whilst doing it.
abdullahkhan5678
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Do you think now is a good time to sell btc and sit on the side to wait for a drop?
BullishOmar
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@abdullahkhan5678, Reducing risk, I wouldn't do it, remember patience is a big player in the trading game, you don't know when it will start dropping again, unless your trading leverage is low, then you could give it a try but it would be better if you just waited and bought at the 43k level.