Bitcoin - How Low Can It Go? Remember the Alamo?
PART ONE - How Low Can It Go?
Here's the last 3 months at a glance, [22 December 0730h mst] >
I've added my own very simple chart analysis. The Red Lines are the earlier trend channel as the December "shot the moon" channel is completely broken to the downside. The Orange Line is the middle of the Channel.
The "A", "B", "C" and "D" lines are past low points in the upward price movement. The down trend has already broken thru the "A" and "B" lines and is headed for the "C" line.
The Green Circle is a target for the next test of where is the price going to bottom out.
Will it find a solid footing around the Green Circle or head even lower to the "D" Line?
Only Time and Hindsight will tell the Answer with certainty.
What is very unusual is that this drop is "Across the Boards" - that is, this low tide is taking all the boats lower. In the past the usual pattern is for some to go down and some to go up. This time it is a mass exit from crypto-currencies rather than playing the trends and swapping from one coin to another.
Across the board, all crypto's are down
PART TWO - Remember The Alamo?
Why the across the board drop? Remember the Alamo? Could it be that a small stand off in Texas is sending panic thru all the coins?
Yesterday the Texas State Securities Board issued an immediate 'Cease and Desist' order to a company that was marketing Bitcoin related products in Texas.
More specifically, "two U.S.-based sales agents [of the company] are soliciting investors in dozens of Texas cities through targeted craigslist advertisements, YouTube videos, and standalone websites."
This is the first major test of a U.S. regulator about what is Bitcoin? and who has jurisdiction over the promotion and sale and control of the spread of Bitcoin?
The really interesting part is that the charge is against an off shore company, the two agents do not reside in Texas and the marketing was done over the internet with YouTube videos and websites.
This is a BIG test of jurisdiction - can Texas or any other regulator say 'you can not use the internet to market to people in my jurisdiction' ?
I think what we are seeing is a global 'gasp'
This is my rambling thoughts and not to be taken as investment advise.
There is still a lot of space down the green line, if not the lower red line:
Hi @sevenseals, thanks for the chart. I enlarged it and cropped it for ease of reading the price targets
I see buy prices only at 8500 to 6000 dollars.
it is very interesting to watch the prices go up and down and up and ??? who knows for sure where it is going next in the short run
Great! Visit our blog and see the latest news and the best tops :D Greetings
Thanks
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awesome!
thanks @five34a4b
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It won't crush so much. Again the price will raise... steem on!
hi @mehedi118 - Yes, I agree, I think this is just a knee jerk correction to a continuing uptrend in the popularity of crypto-coins. In the meantime, any thoughts on how low it will go before bottoming out or why this drop is taking all the crypto-currencies down with it?
No Idea but it will rise again like the fire.. let's see the what happen next...
agreed, time and hindsight answer a lot of questions
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