Nevertheless, I expect the failure of another fork in less than 20 hours to trigger another round of selloff. This will likely lead to the weekly to cross under the monthly & confirm the pattern. Of course, it remains possible that the market makers will pump bitcoin so hard in the next 20 hours that it stays above 13k . Confirmation would require somewhere under 12k.
Not feeling like writing too much. I think the chart is self-explanatory. While experts here have identified numerous supports, I can't really see any long- to mid-term support above 10k.
As always with bubble pops, now the news is still generally positive. Once it pops, we'll hear bad news coming in.
If bitcoin falls say another 1k (that's 2k in a day) so soon after tether injection, I think 10k will certainly break.
I've been waiting for a bounce all day -> no bounce, just continual crash. I think there's a 50 50 chance that around 2 a.m. UTC there'll be a huge pump back up. But I'd rather take my profit (which has taken a huge haircut) before going to bed.
Next year when it hits bottom...
I saw a 2000 btc buy wall at 12k. That's some commitment.
In sum, of course it's possible for BTC to stop dropping, but that idea has less evidence than the contrary.
Btw, BTC's hashrate is around 1/3 TRILLION times that of BTG while performing exactly the same function. It is my personal opinion that this signifies how inefficient BTC's tech is (and with this much hash power it's the slowest?). If we're to believe that long-term investment should reflect the fundamentals => BTC has the absolute worst fundamental. At some point, the market will confine it to history books (already we see BTC dominance dropping from 65% earlier in December to now 36%).