BTC Analysis Update - Nov 23, 2017
** Based on the price action today, this analysis is likely wrong. BTC looking to make a higher top. I was underestimating the Dec 11th event because I do not expect it to generate large BTC buying volume, however, I am the only one who has researched CME Group daily volume on their exchange, the rest of the market still is likely in fairy tale land about how big of an event this is. I overthought the market. **
With BTC @ 8,100 and this being the 3rd leg in the move, I daresay that this may be the upside exhausted for this run. It is difficult to tell. BTC may want to do something like a 4th leg and creep toward 10k.
Just based on the chart I am seeing, I am favoring this level as the top, with a steep pull back to the 6,500 level or lower.
If you're a fan of mine and have been following me, do be aware that I may not become super wealthy as quick as the rest of you guys who had bought into EOS. Due to a computer hack about a month ago, I did lose many of my holdings. I forgive whoever did this and have been praying for you. I expect to see you in the kingdom of Jesus Christ.
As an upside to this, God has confirmed to me he does plan on putting millions into my hands. It will take some miracles signs and wonders to get it done most likely, but this is the God I serve so it is no problem for me to have God do it the miraculous way.
Back to the analysis... I expect if this is the pull back level, we should see a steeper decline in some of the other projects besides bitcoin. I really need to analyze the BCH and BTG news. I don't trust either of their rallies until I really delve into the fundamentals of them going higher.
If this is not the level, I expect something near 10k for the top, but this rally has been fast and steep from the 5k level, so I think this may be the profit taking area.
BTC Donate: 12EjwZZow8LtsmqmVbwc9VV2Suo3tiEPLg
ETH Donate: 0xCCa7DD999f3F0CBb890861Ce5577b44102Fa4319
EOS Donate: 0xCCa7DD999f3F0CBb890861Ce5577b44102Fa4319
NAV Donate: NNvpuRvL2dMDtUhsTwvTDG2bbG4QbSwm75
RE: BCH
It has been difficult to tell if the BCH community is legit or not. There is a lot of FUD going around. None-the-less, I am more inclined to believe the BCH crowd over the Core crowd at this point. I have made some profitable trades on BCH over the last few days. I'm trying to figure out where to park my coin while this battle between BTC and BCH plays out, but I'm not entirely sure what the safest area is. Perhaps ETH is the safest for now as I ride that wave so that I can purchase more EOS in due time. I'm also eyeing LTC as the chart just looks ripe for a take off.
@unlockrs I think DASH is a reliably safe coin to hodl while the current BTC/BCH FUD is resolved, not to mention undervalued; Ted had pegged it to reach 800 by end of the year. Given recent moves upwards I think it has potential to make at least 50% gains while waiting for an early 18' EOS drop :)
Thanks for the tip. I got into DASH last night and have made some money and keeping my stop-loss right behind it.
An interesting read re: BTC/BCH https://medium.com/@twobitidiot/politics-religion-and-bitcoin-cash-51c28af59f53
Just my perspective, however legit the BCH crowd is, probably shouldn't matter. Like I get crypto traders do not necessarily care or understand this, but how many base pairs work with BCH? Then it's tech is not amazingly better than other alt-coins.
BCH would only have a future if all the exchanges in majority decided, "This is the true bitcoin. It is now the base-pair for exchanges." Then Bitcoin becomes an altcoin in terms of base-pairs on exchanges.
If that doesn't happen then BCH is a junky altcoin with no features. Has a high circulation of coin but to me that's a small thing.
The market doesn't care about fundies though, and is pricing it on news generation and maybe hash power. But like 3 years from now, why are people going to buy and use BCH? There's no valid use case. It's a traders situation with nothing substantial backing it. I wish BCH would take over but exchanges are never going to permit that.
Sorry to hear about the hack, Ted. Happy to help you in any way I can. Feel free to throw up your wallet receiving addresses and I can throw you some coin.
BTC Donate: 12EjwZZow8LtsmqmVbwc9VV2Suo3tiEPLg
ETH Donate: 0xCCa7DD999f3F0CBb890861Ce5577b44102Fa4319
EOS Donate: 0xCCa7DD999f3F0CBb890861Ce5577b44102Fa4319
NAV Donate: NNvpuRvL2dMDtUhsTwvTDG2bbG4QbSwm75
Thanks, @unlockrs .
Sent you some NAV
Its also hard to tell because there are so many outside factors such as stock money about to flood into bitcoin come Dec 11th
It's a good point. I did do a video about it where I thought this is the biggest news ever for BTC. I guess it may open BTC to new capital investors, but in terms of CME volume, from what I could tell their exchange has very low volume compared to the average crypto exchange.
Looking at things today, this analysis is likely wrong unless we have a fast pull-back. I was also over-thinking the CME group news.
How many people know that the CME group is likely to generate low volume for bitcoin? Just me. I am the only one who thought that far ahead.
The cryptocurrency market is not this intelligent. It works off news short-term and then figures out fundamentals later. Bitcoin cash is a good example of not caring about fundamentals, I think.
Sucks to hear what happened. Thank you for everything you do. God Bless.
sorry for your loss, hope to see more crypto analyze from you.
is it a good point to start buying eos on 1.8 or i should wait more?
I'm favoring waiting on EOS for the pull back. What I think will happen is we have a steep bitcoin decline sometime in the next few months. When that happens, it should cause declines in projects like EOS, so there would be a good chance for a buying opportunity then. If BTC wants to go to 10k, that buying opportunity from the subsequent decline may not be as good.
So sorry to hear about the hack, horrible news. Is there anyway your followers can reach you privately (via telegram app perhaps) to offer help?
Let us know!
Hey @crypto-dan , thanks for the suggestion. I can be contacted on https://steemit.chat and my name on there is the same on here @crypto-investor .
Btc top leavel
really helpfull & learning blog thx for share👌👌
damm btc really flying all over !!!
The team at Community News were sorry to read about the EOS hack Ted. Is there anything that our senior editor should or should not be doing to avoid the same fate? Any warnings?