Greetings from Benice team!
Let's think over what happened a year ago and analyze the current situation in the cryptocurrency market: on December 17, 2017, Bitcoin got to the maximum level of $ 20 000 in its history. Meanwhile, the majority of the altcoins went 2-3 weeks behind the Bitcoin reversal date. This date range (from December 17 to January 10) can play a decisive role now because the magic of numbers in this market is real and the moments of reverse can mirror each other in time!
At the moment, everyone clearly understands that the factors supporting the cost are enough to slow down the decline sooner or later and, perhaps, to start a new growth cycle. In particular, we can mention the correlation among Japanese 10 and 40-year bonds, oil, and Bitcoin, among such factors.
If the anticipation of a further crisis is fueled, the reversal point can retard for a longer period, up to one year and a half.
The prime cost levels of Bitcoin mining vary in different regions of the planet. In fact, these levels are perfectly reflected on the chart in the form of support levels, and their critical values are close.
In turn, the support levels are actively defended by the funds that invested in Bitcoin at the beginning and the middle of the year and that were actively averaging their positions as the market was declining.
No one can say where the bottom is, but according to RSI divergence, something will be on the horizon in the near future. The immediate decline target is 3005. The next one is 2426. Only 2223 and 1834 are below.
In case of a bounce from the current values and below, the movement towards 4464 will be the target, and when the price goes higher setting above the mentioned level,
and with Bitcoin settled above the descending trend, the situation can signalize the beginning of a new growth cycle in the market. You can take guidance from the support levels below to enter the system long position.
As for the next growth cycle, it will be gradual, with significant pullbacks because the events of the last year largely modified the psychology of investors in this market. All resistance levels identified during 2018 will serve as a guideline for the funds to close averaged positions. Accordingly, we wouldn't wait for a strong growth as it took place in 2017. Then, there were no reference points for resistance. From this point onward, the market will behave technically. Moreover, the fundamental factors will appear in a very measured manner, so that the market can gradually accumulate capitalization, without “hot” money that is ready to run off leaving only a trace of disappointment behind.
The optimal strategy for active and medium-term trading is making transactions within the colored horizontal channels indicated on the chart. When entering the channel and settling above the support level, you'd better gain the position considering the upper boundary of the channel, or the levels that are inside the channel as your target. A stop order will be better placed under its lower boundary.
We are following the events! Have a popcorn bucket at hand. It'd better have a bottom!
Subscribe to our updates. We are going to inform you about relevant transactions under this review.
Do not forget to give us a thumbs-up! :)
Let's think over what happened a year ago and analyze the current situation in the cryptocurrency market: on December 17, 2017, Bitcoin got to the maximum level of $ 20 000 in its history. Meanwhile, the majority of the altcoins went 2-3 weeks behind the Bitcoin reversal date. This date range (from December 17 to January 10) can play a decisive role now because the magic of numbers in this market is real and the moments of reverse can mirror each other in time!
At the moment, everyone clearly understands that the factors supporting the cost are enough to slow down the decline sooner or later and, perhaps, to start a new growth cycle. In particular, we can mention the correlation among Japanese 10 and 40-year bonds, oil, and Bitcoin, among such factors.
The prime cost levels of Bitcoin mining vary in different regions of the planet. In fact, these levels are perfectly reflected on the chart in the form of support levels, and their critical values are close.
In turn, the support levels are actively defended by the funds that invested in Bitcoin at the beginning and the middle of the year and that were actively averaging their positions as the market was declining.
No one can say where the bottom is, but according to RSI divergence, something will be on the horizon in the near future. The immediate decline target is 3005. The next one is 2426. Only 2223 and 1834 are below.
In case of a bounce from the current values and below, the movement towards 4464 will be the target, and when the price goes higher setting above the mentioned level,
and with Bitcoin settled above the descending trend, the situation can signalize the beginning of a new growth cycle in the market. You can take guidance from the support levels below to enter the system long position.
As for the next growth cycle, it will be gradual, with significant pullbacks because the events of the last year largely modified the psychology of investors in this market. All resistance levels identified during 2018 will serve as a guideline for the funds to close averaged positions. Accordingly, we wouldn't wait for a strong growth as it took place in 2017. Then, there were no reference points for resistance. From this point onward, the market will behave technically. Moreover, the fundamental factors will appear in a very measured manner, so that the market can gradually accumulate capitalization, without “hot” money that is ready to run off leaving only a trace of disappointment behind.
The optimal strategy for active and medium-term trading is making transactions within the colored horizontal channels indicated on the chart. When entering the channel and settling above the support level, you'd better gain the position considering the upper boundary of the channel, or the levels that are inside the channel as your target. A stop order will be better placed under its lower boundary.
We are following the events! Have a popcorn bucket at hand. It'd better have a bottom!
Subscribe to our updates. We are going to inform you about relevant transactions under this review.
Do not forget to give us a thumbs-up! :)
Comment:
short-term can go to 3922
Comment:
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