BTCUSD has pulled back 25% and is now at a near term buy point. Price has pulled back to the 382 fib and has confluence with the ascending trendline. There is a good chance we see a bounce from this zone. I also have drawn an alternate scenario (dotted red arrow) where price breaks the ascending trend line and drops to the 618 fib. If this occurs watch for a topping pattern to form. If the topping pattern breaks at the neckline a much deeper sell off is likely.
My self indulgent take on Bitcoin below. Read if you are interested...ignore if you are just here for technicals.
Although I'm very bullish on BTC I would not be surprised to see wild swings in price. I'm personally adding at these buy points to my longer term holdings as I believe the bull case is just in the early stages. There is likely to be a lot of bearish news coverage of Bitcoin in the coming months as the banks ect try to suppress the price. The reality, however, is that for Bitcoin to be successful it doesn't need the support of the US or Europe. There are billions of people globally who don't have or don't trust their banking systems and bitcoin offers them freedom to exchange value for services and goods.
Outside that another bull case for Bitcoin will be that as governments globally roll out their own digital currencies people will soon realize that other than increasing taxation governments with also have the ability to control what they buy. ie automatic discounts or surcharges on products they deem to be good or bad for their citizen's health or the environment. Think about it. Governments will soon have the power to control the purchasing choices of their citizens with the click of a button. It sounds dystopian, but I believe its on the way. My guess is that billions of people will seek alternative ways to do commerce and Bitcoin will offer a choice.
In the end I believe the biggest bull case for Bitcoin and crypto is youth. Currently our governments and financial systems are controlled by old people. Just look up the average age of the top US politicians. Eventually the old guard will be gone and the young people will be in charge and my bet is that they will continue to embrace the peer to peer society. This includes everything from the exchange of knowledge, services such as ride sharing, goods such as cars or homes and of course currencies. Everything will be exchanged without the inefficient middle man in the future. It will take a while and the path will be bumpy, but I believe this trend is unstoppable.
These are my personal opinions and not financial advice. I suggest that everyone do their own due diligence and learn as much as they can about Bitcoin, Cryptocurrencies and the Blockchain.
My self indulgent take on Bitcoin below. Read if you are interested...ignore if you are just here for technicals.
Although I'm very bullish on BTC I would not be surprised to see wild swings in price. I'm personally adding at these buy points to my longer term holdings as I believe the bull case is just in the early stages. There is likely to be a lot of bearish news coverage of Bitcoin in the coming months as the banks ect try to suppress the price. The reality, however, is that for Bitcoin to be successful it doesn't need the support of the US or Europe. There are billions of people globally who don't have or don't trust their banking systems and bitcoin offers them freedom to exchange value for services and goods.
Outside that another bull case for Bitcoin will be that as governments globally roll out their own digital currencies people will soon realize that other than increasing taxation governments with also have the ability to control what they buy. ie automatic discounts or surcharges on products they deem to be good or bad for their citizen's health or the environment. Think about it. Governments will soon have the power to control the purchasing choices of their citizens with the click of a button. It sounds dystopian, but I believe its on the way. My guess is that billions of people will seek alternative ways to do commerce and Bitcoin will offer a choice.
In the end I believe the biggest bull case for Bitcoin and crypto is youth. Currently our governments and financial systems are controlled by old people. Just look up the average age of the top US politicians. Eventually the old guard will be gone and the young people will be in charge and my bet is that they will continue to embrace the peer to peer society. This includes everything from the exchange of knowledge, services such as ride sharing, goods such as cars or homes and of course currencies. Everything will be exchanged without the inefficient middle man in the future. It will take a while and the path will be bumpy, but I believe this trend is unstoppable.
These are my personal opinions and not financial advice. I suggest that everyone do their own due diligence and learn as much as they can about Bitcoin, Cryptocurrencies and the Blockchain.
Comment:
Nice 12% bounce off the 382. Price has run into resistance at the 50k level. If it can reclaim 50k and push through 52K the odds of new ATHs increase greatly.
Comment:
I hope everyone is enjoying the ride on this one with me. Beautiful ATH breakout. Time to look for the next chance to add. I'll post when it sets up again. Plenty of upside still IMO.
