This idea is based on 2h chart and need confirmation. I see level in red as possible entry level.
4h and daily charts are developing and will be in a more clear good shape, enforcing this idea, if this breakout will be confirmed as bullish. Fibonacci level are shown as possible targets.
General: I agree with the view that this coin even if, in this period, is technically in trouble (e.g. transaction time) with some company that has decided to not use it longer ( stripe.com/blog/ending-bitcoin-support ) still represents as brand the cryptomarket as a whole and similar to gold (or as someone say gold 2.0) it will probably remain an asset for long time.
4h and daily charts are developing and will be in a more clear good shape, enforcing this idea, if this breakout will be confirmed as bullish. Fibonacci level are shown as possible targets.
General: I agree with the view that this coin even if, in this period, is technically in trouble (e.g. transaction time) with some company that has decided to not use it longer ( stripe.com/blog/ending-bitcoin-support ) still represents as brand the cryptomarket as a whole and similar to gold (or as someone say gold 2.0) it will probably remain an asset for long time.
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After apparent rupture of the support during this morning and subsequent partial recovery, Re-drawing the support in a better way show again a decision triangle...
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I would like to share a significant piece of an interesting interview to the ICONOMI CEO about Bitcoin ( medium.com/iconomine...m-zagar-8fd236c16cd4 ).
--> The financial industry sells bitcoin as digital gold. As with gold, the demand for bitcoin is not associated with any useful value. And then they say that bitcoin is better than gold as a store of value since gold is harder to move. They conclude that bitcoin will increasingly replace gold. “Listen, dear investors,” they say. “The market capitalization of gold is currently between $5 trillion and $6 trillion, and bitcoin’s is only $300 billion, accounting for 2.7 percent of the market capitalization of gold. Do you think that next year this share will be 1% or 5%?” they ask. I would not be surprised if it reached 30% in the first bull market, maybe even more. There are many players in the financial industry who are hungry for a new product.
--> The financial industry sells bitcoin as digital gold. As with gold, the demand for bitcoin is not associated with any useful value. And then they say that bitcoin is better than gold as a store of value since gold is harder to move. They conclude that bitcoin will increasingly replace gold. “Listen, dear investors,” they say. “The market capitalization of gold is currently between $5 trillion and $6 trillion, and bitcoin’s is only $300 billion, accounting for 2.7 percent of the market capitalization of gold. Do you think that next year this share will be 1% or 5%?” they ask. I would not be surprised if it reached 30% in the first bull market, maybe even more. There are many players in the financial industry who are hungry for a new product.
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Breakout ongoing -Index looks good, with tight control it is possible to entry now.
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Pushed by a bearish train of news, spreading emotional uncertainty and paranoia, bitcoin is falling after major support breakout. Accordingly, coins that just two month ago were probably over-evaluated seems too much reduced. At present there are not sign of inversion on main indexes. Below my view of the new possible support and fibo retracement levels.
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Trade closed: target reached:
Break of descending lines suggest possible incoming bullish run. index on 4h charts are promising. Fibo level are shown as target on the short term. Considering the market volatility tight control is suggested.
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After bearish period a bouncing is ongoing. We are now again on a decision point that need to be monitored carefully. A breakout seems in place but further confirmation is needed.
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We are still on the decision point. We need confirmation on both direction to understand where the path is going at the moment. My view after latest changes in fundamentals (US Senate banking discussion on bitcoin) is that the ascending channel will hold and I just played with a possible target in case of breakout.
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We reached an other decision point. Cross of fibo level, end of bearish triangle. To continue the rising path a break is needed.