Bitcoin Absolutely NEEDS to Get a Grip! Detailed Analysis Exclusive for Steemit!!
Bitcoin has once again dropped below the psychologically important $10,000 level, which has some people #investing in the #cryptocurrency #market worried.
However, I'm personally not so much concerned about the 10k level as I am about 12k -- this level represents a 100% move from #Bitcoin's low of this year, which is $6,048.
Let's take a look at my Bitcoin logarithmic analysis:
Some key takeaways:
- $12,000 represents strong resistance (the top of the 100% sector, bottom of the 50% sector)
- Bitcoin failed at the top of the 50% sector ($18k), which is where I want to see the #crypto
- Volume has been stable relative to mid-January
Unfortunately, I'm not seeing the participation rise with the Bitcoin price, of which all #Steemit members should be aware.
In other words, you might be bullish on Bitcoin, but unfortunately, many others are not. I'm not suggesting that Bitcoin will continue to fall, but it is a possibility for which you should prepare!
Thanks for reading and stay tuned for my next crypto update!
#cryptoupdate #bitcoin #cryptocurrency #crypto #investing #steemit
Will Bitcoin hit 20 000 USD in a year?
I personally think it will hit 60K. Might look impressive, but still a major slow down in growth % compared to 2017. Once the Lightening Network is officially rolled out, 100K seems realistic.
I agree...we're facing some nearer-term sentiment loss due to the Johnny-come-latelys but this should work itself out as the year goes on.
The number of transactions happening on the BTC blockchain appears to be 1/10th what is happening on STEEM: source
ETH is running at capacity, while STEEM is doing twice as many transactions with ease.
GOLOS, in 4th place for volume of transactions, is the Russian clone of the STEEM blockchain, for those who don't know.
At want point do you suppose, @bullishmoney, in terms of wallet counts and transaction volume can Steemians divorce themselves from concern for what BTC is doing?
Could BTC just be showing its age? ;)
I didn't think the $6k low was the end. It just didn't feel painful enough. I think there might be one more low, no idea how far it can go down. I do think it can't go down too far because there will be too much fomo. People who couln't afford 1 bitcoin when it was at $20k might like the idea of buying one for $5k. At some point, the bulls will be back in business.
))..HODL!