BTC - Is doing a correction - Perhaps to create the Inverted Head and Shoulders
Hello all,
Today it looks like the Bitcoin is doing a little correction. It is never a good news but perhaps it is to create the pattern that I talked to you yesterday here : Inverted Head and Shoulders.
Here is the current chart :
In blue, I traced the pattern that we started to make and in green what the Bitcoin needs to continue to do to validate the Inverted Head and Shoulders. Please understand that most of the time, we don't have a perfect pattern so these lines give only an indication, but we won't follow them closely.
Let's see if the coming hours confirm that hypothesis.
I wish you massive profits,
Cryptopassion.io
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Version française ici : [FR] BTC - correction en cours - Peut-être pour finir la figure "Inverted Head and Shoulders"
you know , I usually agree with you when it comes to cryptocurrency analysis, so I keep an eye to your posts about btc. let's wait and see. thanks for sharing this! ^^
I'm not always right so be sure to make also your opinion. But thank you for the trust
bitcoin rate is always fluctuating..but thanks to share your prepared chart with us..nice post..
Thank you
We will see if the pattern is created in the coming hours, Watching it closely, but I am not really sure what to do. Looks great technically, but from a fundamental point of view, I am a bit nervous what is going to happen after the fork has been executed...sold 2/3 of my position, and is currently waiting on the sidelines..
Good move. I personally think we'll go much higher before the fork. But it's better to be safe than sorry. I'm also more of a fundamentals person and I think BTC is overvalued in epic proportions. After November I wouldn't be surprised by $500 BTC. I believe blockchain to be bigger than the advent of the internet. I also believe it doesn't involve high fees, slow Tx, internal wars and a lack of solid roadmap.
I really don't think that bitcoin will be reaching 500$ after november...Unless something fundamental changes completely..not very likely!! In my personal worst case scenario, we could see a short term correction to 4000-4500, in the turmoils after the fork...After that we will start climbing again
I don't mean an immediate crash that would take BTC to $500. It could be around $2000-$4500 range. But gradually things could go lower and lower with bounces here and there. I very much agree with @cryptopassion's comment on this. There is also the fact that BTC is the single worst top ranking crypto. The tech behind it is way behind times. There are dozens of coins that are simply better than BTC. Those fundamentals are bound to catch up.
BTC is like a gateway coin. You needed BTC to buy alt-coins. That's changing fast. Almost everywhere Fiat-BTC pairs available, you also have Fiat-ETH. At some exchanges you even have Dash, ZEC etc. The noobs who got in with BTC will realize that there are 900+ other coins and some of them are superior to BTC. Especially the everyday users will figure out that BTC is at least several dozen times slower and more expensive compared to the competition.
There are Bitcoin forks. These will take some of the limelight. Also if you can switch from BTC to a bitcoin fork, it's much easier to switch to Dash, NEM, PIVX etc. Also BTC has no privacy features which is a negative in the minds of many libertarians. I had to introduce them to privacy coins because all they knew was the BTC-esque fully trackable ledgers.
There are multiple applications of blockchain with currency being the simplest. When Smart contracts, storage, distributed computing.........etc etc grows, the market share of BTC(currently 56.96%) will shrink causing the market to think of BTC as less important.
Nokia didn't die as soon as the Apple came up with iPhone. Nokia had its leadership for many years before falling apart. That's what would happen to BTC. Fundamentals will eventually catch up.
Everything is possible tbh. If Segwit 2x takes the lead, Bitcoin could become like Bitcoin Cash.
I mean it will keep the name of Bitcoin but Bitcoin Segwit could become the real Bitcoin. Let's see. I see many analysis predicting a big drop. It could be explained with that.
But Segwit 2x has a lot of trouble getting accepted... I is true that anything can happen, but until something major fundamental changes, BTC is the flagship...and people will keep buying it.. @vimukthi I think that I wrote short term in my post, just like the short term inverted head and shoulder formation that @cryptopassion described...But if you really think that it could end up like BCC, why would anyone pay 500$ for it, with it's old and expensive technology?
@vintherinvest and @vimukthi, thank you for that nice discussion
Great chArting ... technical analysis..
Thank you
You got my vote and a resteem :]
Thank you my friend
I like that possibility!
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Great post :)
After sustaining a week of highs, the price for major cryptocurrencies including bitcoin, ethereum,, and ripple fell into correction territory yesterday.
Bitcoin, the most popular and widely used cryptocurrency, was down to $5,254.05 this morning, a drop of 6% from yesterday’s price. As of this writing, the cryptocurrency had edged slightly upward to $5,271.41.
Really very cool post and knowledgeable love it