It's been a while since I published last analysis but...nothing changed :) Trend is still bearish without signs of retreat. I don't need to put on chart hundreds of indicators to pretend PRO or to have large audience and write them what they want to read and believe :). Dreamers are 95% of crypto "investors" and it is easy to manipulate them. If you want to be popular here show 100k BTC target and you will. Do you want to be harassed and in a shadow? Show the reality...like me :). But I'm the one who make money on your stupidity.
Let's get to the point. In my opinion ETF will be not approve as soon as all of you (I'm talking about mooners with 0 experience in investing world so...almost everyone ) lost money. So...we have still a lot of time because optimistic analyzes have no end!
Based on parabolic bubble chart and human stupidity lower low is a matter of time . First station will be somewhere near $4900, then see you at $3450 (strong support). After that we have 2nd important area around $2000.
looks like a perfectly reasonable position, after such a pump and dump, i would be more inclined to jump on the next trend than blind limit buy.
analitykFX
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@OctaFX_Official, Just check Nasdaq chart when was dotcom bubble. Then silver...uranium...gold...when futures came to play. Everything is same pattern that repeats over and over again.
OctaFX_Official
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@analitykFX, not so true.
I have been in many start up , small caps where the fundamentals don't match the hype.
For BTCUSD to get the next up trend it needs institutional backing. For the size and popularity of BTC that would mean a central bank.
No central bank is getting involved with Bitcoin yet to any degree as they are looking at block chain and how they can make their own coin.
For a chart comparison to what could happen I would direct you to a North Sea oil explorer called Excite Energy. It was full of retail traders hoping for a safe oil play, only to have the funding pulled from under it and the share to collapse to zero.
I don't personally think BTC would go to zero but with the ease of creating alt coins, the lack of institutional activity and a limited use in the real world (currently) the price of BTCUSD could just drift lower and then sideways. Traders eventually get bored and cash out and move on in that situation.
BTC needs big institutional volume and maybe it will come from the levels you have highlighted. I'll wait, rather than being the second wave of speculators, there is always a pull back.
@OctaFX_Official, Finally someone with financial knowledge. I think the same, price will find low and stay there for some time. Then we will have enough time to buy any coins we want. Good post :).
oe123
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Lower.
LaszloHuiber
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You are calling others stupid? Let me explain you something, do you have any clue how much is costs to mine 1 BTC? First do your research! If BTC drops to those levels the miners will shot down the mining. To give you a hint about what that means. Means no transaction validation. So mister A can't send money to mister B. Neither can you cash out. The whales will protect those levels, otherwise game over and nobody will make money any longer.
So good look with your 2000 predictions, sounds like the opposite of a mooner;) Peace from Coco Island mate!
ericdshelton
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@LaszloHuiber, LOL you think Bitmain will shut down it's mining operations if Bitcoin reaches 2k-3k level? Please stop.
pillepalle
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@LaszloHuiber, this is a widespread misunderstanding. If miners begin to shut down, mining will become cheaper for the others due to adaption of difficulty. So, there is no obstacle down all the way to 0,01 USD if it has to be. BTC will still be functioning.
analitykFX
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@LaszloHuiber, ..that's why all of you lost money :). We have now Futures = "paper" bitcoin. If you think that whales are mining coins that's funny as hell...They can bring price to 1cent and still make money. They DON'T CARE about you, about miners, about anyone. Ordinary people are not allow to earn. Cryptos are danger to them. They can do whatever they want to not lose controle of the financial system. You said "Nobody will make money any longer" - they make money from 5k to 20k and now from 20k to...we don't know yet. And that are billions of dollars. BTW bankers has enought cash...and I might suprised you but there are many other markets where they making money every day.
Sorry for my english if I wrote something wrong.