BTC WEEKLY CHART "The Panic Zone" The Last Gasp

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
205 0 4
It's been a while since my last observation. The price movement has bounced around in The Panic Zone for over 3 months and can't get out. This little spew downward is a strong indicator of buyers giving up, throwing in the towel. I don't know if you caught it but there was a little article in Consumer Reports about Bitcoin             . They conveniently left out the truth which is that the value has risen from $10 to the mid $200s over the last 2 years. They reported that the value has dropped a phenomenal percentage in the last 1 year and for this reason it is not a good store of investment value. Anyway, the point is the article reflects the general public's opinion that BTC             is a dark world currency and not ready for prime time. The price action reflects this mood. I personally don't believe this to be the case. I'm bullish on Bitcoin             for the very long term. As I have said before, smart money is waiting for a pull back to complete. The lions are still waiting in the weeds for the moment to pounce. Lions are patient. Where is the bottom of this drop? Probably around the neighborhood of the previous drop between $165 and $135 the official bottom of The Panic Zone. Anything lower than that is bargain basement shopping unless, of course, someone breaks the Hash chain. Trading is currently in the upper half of the regression channel. The bottom of the channel is right at the buying price target.

Related Ideas

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out