Bitcoin did a very similar move in 2013 where it lost 84% from its All-Time High (~1150 USD) and fell back to ~180 USD (~6.4x lost it value!). After a period of sideways, which was with some big swings (180 to 310 range) and plenty of volatility to trade, it broke out and entered this massive Bullrun till end 2017.
If you look at the RSI, we are in a very similar situation, most people have indeed lost faith in BTC, capitulation is quite present and we are going slowly through the despair phase now. If I were a long-term investor this is really the kind of conditions I would want to look for. Additionally, the global stock markets have been doing bad and people are more eager to hoard cash/gold and maybe something digital that is easily transferred around the globe?
Bitcoin and other altcoins are a good alternative to physical store of value since they are easily sent and use online.
What do you think the cryptomarket cap will do? Do you think we are in capitulation or in any other phase? Leave a comment below and feel free to share any thoughts!
If you look at the RSI, we are in a very similar situation, most people have indeed lost faith in BTC, capitulation is quite present and we are going slowly through the despair phase now. If I were a long-term investor this is really the kind of conditions I would want to look for. Additionally, the global stock markets have been doing bad and people are more eager to hoard cash/gold and maybe something digital that is easily transferred around the globe?
Bitcoin and other altcoins are a good alternative to physical store of value since they are easily sent and use online.
What do you think the cryptomarket cap will do? Do you think we are in capitulation or in any other phase? Leave a comment below and feel free to share any thoughts!
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Bitcoin in very interesting BUY area, found this fractal and the ghost pattern fits very nicely so far!
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BTC just broke through resistance in 1 big candle! This is what we want to see, strength will most likely continue and form a inverse head and shoulders!
Comment:
Bitcoin face resistance but is now in a position to attempt a right shoulder, the price is around the same level as a left shoulder which is okay. Going below the head with this ascending neckline is bad and would hint in a further downtrend.
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BTC making a nice recovery here! Looking more and more like a right shoulder! Waiting for it to push above current resistance for clear upward continuation.
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Find my newest update here!
