Bitcoin doesnt get away with making a lower high without getting a serious correction.
So far, we haven't dropped below the daily 50. But there's very little stopping that from happening but that 50.
Well, there is the fact that the 50 has held both before and - so far- after crossing the 0.618 fib level..
However, the 50MA hasn't been pierced by a wick since the september lows. It only ever gets touched at all with a red CCI.
I would say the low of 151 is a good place to start the fib because there hasn't been a lower low made in btc since that one, so i'm counting it as the reference low for this bulltrend.
We now are looking at a piercing of the daily 50 while the CCI is still green - but rapidly falling, currently at 18. We might have a close below it, in which case there will be a retest first of the 0.618 at 12211,
Then potentially the prior low of 11135, and perhaps the 0.5 at 9909 wouldn't be out of the question either.
It will be very interesting how the CCI develops on the daily. I have drawn a trendline there. If we go deeper red than the trendline, there might be a big correction forming here.
Bottom limit? Well, we haven't seen the daily 200 since the summer of 2016, and haven't closed below it since autumn 2015. It currently serves as roughly the bottom of a wedge consolidation, and while hitting it - at 6600 currently - would be catastrophic for most people, it shouldn't necessarily damage the prevailing uptrend.
However, psychologically it might awaken people to a sobering realisation. What do we want out of blockchain technology, as a species? How are we shaping our future?
I am already a believer in the idea that 2018 will signal the end of Bitcoin as the be-all, end-all king of cryptocurrencies. This chart helps me to formulate how such a dethronement would take place;
Not a gentle abdication, but a violent coup.
Looking at this logarithmic chart, if we do resume the parabolic trajectory like we've seen in 2013, bitcoin will reach a million dollars before year's end. I would say there's plenty of pscyhological resistance to this scenario in the minds of people for now. We don't even know what it's good for yet!
If anything, 2018 is shaping up to be the year of the alt-coin.
We see new exchanges coming up, with better interfaces than were available before, and money flowing into them quickly.
(Have you looked at kucoin's trading interface? It makes bittrex seem like the new kraken.)
So far, we haven't dropped below the daily 50. But there's very little stopping that from happening but that 50.
Well, there is the fact that the 50 has held both before and - so far- after crossing the 0.618 fib level..
However, the 50MA hasn't been pierced by a wick since the september lows. It only ever gets touched at all with a red CCI.
I would say the low of 151 is a good place to start the fib because there hasn't been a lower low made in btc since that one, so i'm counting it as the reference low for this bulltrend.
We now are looking at a piercing of the daily 50 while the CCI is still green - but rapidly falling, currently at 18. We might have a close below it, in which case there will be a retest first of the 0.618 at 12211,
Then potentially the prior low of 11135, and perhaps the 0.5 at 9909 wouldn't be out of the question either.
It will be very interesting how the CCI develops on the daily. I have drawn a trendline there. If we go deeper red than the trendline, there might be a big correction forming here.
Bottom limit? Well, we haven't seen the daily 200 since the summer of 2016, and haven't closed below it since autumn 2015. It currently serves as roughly the bottom of a wedge consolidation, and while hitting it - at 6600 currently - would be catastrophic for most people, it shouldn't necessarily damage the prevailing uptrend.
However, psychologically it might awaken people to a sobering realisation. What do we want out of blockchain technology, as a species? How are we shaping our future?
I am already a believer in the idea that 2018 will signal the end of Bitcoin as the be-all, end-all king of cryptocurrencies. This chart helps me to formulate how such a dethronement would take place;
Not a gentle abdication, but a violent coup.
Looking at this logarithmic chart, if we do resume the parabolic trajectory like we've seen in 2013, bitcoin will reach a million dollars before year's end. I would say there's plenty of pscyhological resistance to this scenario in the minds of people for now. We don't even know what it's good for yet!
If anything, 2018 is shaping up to be the year of the alt-coin.
We see new exchanges coming up, with better interfaces than were available before, and money flowing into them quickly.
(Have you looked at kucoin's trading interface? It makes bittrex seem like the new kraken.)
