Hello, there is no doubt that cryptocurrency market is currently moving in the BEAR mode. All we want to know is when will we reverse and what are the targets of reaching ATH levels.
It is crucial to understand that BTC price in the long term cannot sustain just on price speculations. It needs some major adoption and real life use cases. There is a lot of development currently going on on BTC (such as Rootstock) which will enable Decentralized Applications and instant payments using BTC. As well as bigger adoption and popularity from investors and institutions side which will start from BAKKT platform.
Both of these and much more fundamentals are taking place in the early 2019, however, we still need to realize that none of these fundamentals are likely to heve an instant effect on the price. It should take time for things to happen, therefore I suppose that major trend line which is headed upward is what we should refer to.
From the technical analysis we are heading towards some crucial support levels. It seems that we are breaking intermediate support trend line which was formed since 2016 and probably finishing the cycle by returning to the major support line which is located at 1.2k$ level (3. NEW Resistance becomes CURRENT Support). This is the strongest support level for the BTC to continue upward direction on the grand scale. If we do so there is very good chance that we will reach the condition which can be explained as: price reverses at the point where last seller has sold and smart money which play for the long-term are left in the market.
It can be seen from the chart that in case of we move towards long-term support line we will reach 1k$ in the middle of 2020, however, strong reverse is likely to bring us to All Time High Level by the end of 2021.
It is crucial to understand that BTC price in the long term cannot sustain just on price speculations. It needs some major adoption and real life use cases. There is a lot of development currently going on on BTC (such as Rootstock) which will enable Decentralized Applications and instant payments using BTC. As well as bigger adoption and popularity from investors and institutions side which will start from BAKKT platform.
Both of these and much more fundamentals are taking place in the early 2019, however, we still need to realize that none of these fundamentals are likely to heve an instant effect on the price. It should take time for things to happen, therefore I suppose that major trend line which is headed upward is what we should refer to.
From the technical analysis we are heading towards some crucial support levels. It seems that we are breaking intermediate support trend line which was formed since 2016 and probably finishing the cycle by returning to the major support line which is located at 1.2k$ level (3. NEW Resistance becomes CURRENT Support). This is the strongest support level for the BTC to continue upward direction on the grand scale. If we do so there is very good chance that we will reach the condition which can be explained as: price reverses at the point where last seller has sold and smart money which play for the long-term are left in the market.
It can be seen from the chart that in case of we move towards long-term support line we will reach 1k$ in the middle of 2020, however, strong reverse is likely to bring us to All Time High Level by the end of 2021.