Bitcoin has had a good 2015 and through our analysis it will have a even better 2016 and a very good start.
1. BTC has a ridiculous amount of long positions (Orders) between $400-$408 this is where we see resistance. If not $380 is the lowest we see resistance.
2. Boxing Day Sell Off was not due to lack of buying
It was to do with two things
"Lack of use" we saw a decrease in transactions on both Christmas Day and Boxing Day.
Traders closing trading positions (Now this is less likely) But a lot of traders and companies who trade BTC on Leverage or for fiat profit see that its EOY and they want to take their positions out so they can reenter.
These are not the only reasons be we see these as highly valid.
3. (Good Bit) We see that there has been a lot of buyers from Asia and Africa. Asian/African buyers are using BTC as a safe haven or as an alternative investment. This is both great news and bad news. Great News is BTC becoming a safe haven could cause it to see some real value ($5000-10000) in the next few years. Sounds Crazy? not really if you understand that BTC only has a market cap of 6bn? which in currency or safe haven terms is truly pathetic. Bad News it takes the "currency" away from BTC. If we see more holders than users we will see less and less transactions which could have a negative effect on BTC. But Overall Asian/African Buyers considering that BTC as a safe haven is definitely more positive than negative.
Adding up all of these points and then some Technical Supports/Resistances
We see BTC hitting $650 by February
BTC has to Break $500 soon to confirm then full move but as 2016 starts we should see a lot of buyers.
Don't Forget to Follow for more Ideas and Comment if you have some ideas of your own!
We hope every has a very Profitable 2016! Happy New Year!
1. BTC has a ridiculous amount of long positions (Orders) between $400-$408 this is where we see resistance. If not $380 is the lowest we see resistance.
2. Boxing Day Sell Off was not due to lack of buying
It was to do with two things
"Lack of use" we saw a decrease in transactions on both Christmas Day and Boxing Day.
Traders closing trading positions (Now this is less likely) But a lot of traders and companies who trade BTC on Leverage or for fiat profit see that its EOY and they want to take their positions out so they can reenter.
These are not the only reasons be we see these as highly valid.
3. (Good Bit) We see that there has been a lot of buyers from Asia and Africa. Asian/African buyers are using BTC as a safe haven or as an alternative investment. This is both great news and bad news. Great News is BTC becoming a safe haven could cause it to see some real value ($5000-10000) in the next few years. Sounds Crazy? not really if you understand that BTC only has a market cap of 6bn? which in currency or safe haven terms is truly pathetic. Bad News it takes the "currency" away from BTC. If we see more holders than users we will see less and less transactions which could have a negative effect on BTC. But Overall Asian/African Buyers considering that BTC as a safe haven is definitely more positive than negative.
Adding up all of these points and then some Technical Supports/Resistances
We see BTC hitting $650 by February
BTC has to Break $500 soon to confirm then full move but as 2016 starts we should see a lot of buyers.
Don't Forget to Follow for more Ideas and Comment if you have some ideas of your own!
We hope every has a very Profitable 2016! Happy New Year!