Hello friends Today I want to share my thoughts on Bitcoin. we have reached 13.9k and are moving down now. I am still convinced that this is a correction after which there will be an upward movement. I'm waiting for the support level 9200 there is a chance that we can go lower and touch the support line of black downtrend channel. The same line of support roughly coincides with the MA100, which is also a good support for Bitcoin - 8500. Aslo this is 50% level fibonacci. And the most interesting scenario is if we reach the level of 8000. From there we will most likely go up and at this time a lot of people will say that this is a pattern head and shoulders and we have to go even lower. But I'm not sure that we will punch 8k. Most likely it will be the best point to enter the market. I am confident in the long-term growth of Bitcoin on this recommended to arrange the grid for the purchase levels. Thank you Best regards EXCAVO
Predictions like this leave out the most important influence on the crypto market, which is: Government. If the US decides to ban crypto like they have in India, because Iran legalized crypto trading in order to bypass US sanctions, than you have a REAL problem. It'll make Bitcoin $50 again, or less. It will be unlisted from the US Stock Market and keep going from there. The problem with these charts are that they are based on nothing. They say Bitcoin will hit $30,000 because... it has to. These charts are unrealistic when making predictions of 1-2 years from now, without acknowledging the realities that economic turmoil is a huge possibility, which would have an adverse affect on crypto since its all based on fiat. You need fiat in order to purchase, unless you are mining, which is less than 10% of the market while the rest are day traders who bought in via SEPA/Wire Transfer/Credit. Don't buy into these charts because all they are is blind optimism.
anon541
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Awesome to see that I'm looking at the exact same thing as you. 2017 historical reaction to the 1D 100 MA has been very reliable.
All the best Excavo!
FrederickDupont
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Bitcoin won't go under 8k
JigsawBot
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Wow!! Price is moving down now!! After correction price moves up!! Price bounces off support!! Price goes down after hitting resistance!! Didn’t even think about this!!
Sammm31
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Nice post! I think that we won't go lower than 9500 though. I might be wrong but based on the volume of the dump from 11k and how the decline seems to be plateauing I am going to call it! Tomorrow is a big green candle day :P (Lol watch me get liquidated)