BTCUSD
pulling back and with the mark-cap being allocated to other major pairs such as ripple (
XRPUSD
) or bitcoin cash(
BCHUSD
), provides a great time to look at the quarterly forecast for bitcoin in 2018. My charts might be extremely simple but in all I remove the noise to get a clear picture for the new comer to find an idea within such a complex chart. With that being said as coinbase adds Ripple (Stipulation) we can see the BTC Market Dominance is at near an all time low of 38.5% which was set back in June 17th of this year. We are currently sitting at 42.9% of Market Dominance. We have a 5 converging signs for a buy.
1. 6 day pull-back lining up with the upward channel
2. Coinbase picking up Bitcoin Cash (People move funds from BTC to BCH)
3. Coinbase hints at Ripple Q1 2018 (https://hacked.com/continue-reading/)
4. Bad news for BTC with higher fees (https://www.cnbc.com/2017/12/19/big-transactions-fees-are-a-problem-for-bitcoin.html)
5. BTC Futures (http://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html)
All and all I see a great opportunity to reallocate a decent amount back into BTC and be long to 35k. My biggest reason is not the fact that BTC was the first, more so we need to understand the underlying asset itself is a buy and hold market. We have not seen a pull back like this in over 2 months and a 5k pull back just shows us the market is slowing down and allowing for others to join.
Not to mention the Future Sector.....
Buy on dips Trade Safe
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