BTC - We are testing a long term support line

in #bitcoin4 years ago (edited)

Hello all,

One of the scenario that I was explaining in my previous publication was to go test the long term support line :

BTCUSD.jpg

As you can see on this chart, we are curently testing that line in red. If we break it, we could return in the trading canal and the second support line could help us to stop the correction.

If we break the 2 support lines, we will have a very bearish scenario on the BTC...
However, till now, the support line stays strong and we could use it also to stop the correction and go UP again.

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 - Nous sommes en train de tester la ligne de support long terme

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is it their bitcoin cash the king, or they will upgrade bitcoin ? that is the question .

Bitcoin is still the best crypto around and fundamentally there is nothing wrong, so I suspect the trend line will hold.

There is nothing "wrong" with it, but there are coins that does its job better. Right now the transaction fees are so high and it takes a while for transactions to go through that it defeats the initial vision of Bitcoin.

If that is what Bitcoin is going to be then so be it. At least it will have some functionality if it is looking to replace gold.

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I don't believe in bitcoin as a contender for the backbone of the FUNCTIONAL crypto economy. For speculation, it was great for brand name and scarcity, but I think the model for transactional efficiency is probably the VISA network, and so something that's going to really work has to be close to that. Maybe DASH? Maybe some kind of ETH sidechain system like Raiden?

Yeah its becoming clear Bitcoin cannot scale . A lot of people who bought into the hype may be disappointed this time next year. I am very bullish on alt coins gaining mass adoption as the development is not holding them back. Currently, we are seeing a massive shift into as alts as BTC fees and meme pool sky rocket completely outta control. Its very likely to see BTC dominance to drop to sub 20% in the next few months.

If people keeps dropping. Then the folks who bought BTC around it's height. Will be bearish on the altcoin market.

Once it's loses dominance, then it's over for BTC.
BTC was the first one, and the most popular one, for a time. But if it drifts back to the same price level of the altcoin market. Then it will never get back up again.

There are way better opportunities to invest in right now.

No, Investors are just moving on to others coins. Social Media was the same way and many other tech. The network of Myspace did not give up on social media but instead switched to Facebook. Same is happening in Crypto. Its just rare first movers find mass adoption. Usually, its the second or third generation tech that gains mass appeal.

HISTORY OF CRYPTOCURRENCY

2010: you can buy a pizza with bitcoin!
2017: you can no longer buy a pizza with bitcoin

good analysis

i still believe in bitcoin...it will show its dominance shortly....

What makes it better than Bitcoin Cash or Litecoin in your opinion?

@kartiksingh I agree with you, especially as it becomes more popular in mainstream media. I believe it will stay the dominate coin/increase in value just due to it being first to concept, the benefits of using it as a means of transacting, and the brand awareness it has/continues to grow.

Yeah but when mainstream media dives just a little bit deeper into the crypto subject, they will also conclude that there are better alternatives than bitcoin. I believe Ethereum dominance will increase significantly in 2018 and btc dominance decline.

"the benefits of using it as a means of transacting" sadly there are no benefits as far as transacting. It takes longer and longer by the day and the fees are around $20 to $30.

248924 unconfirmed transactions as we speak. I had to pay $60 in fees to get my Bitcoin to an exchange to try and take advantage of an alt selling low and 12 hours later when it came through I had well and truly missed the boat. I just sent SBD to Bittrex and it took 5 minutes.

Bitcoin is a dinosaur and it is getting found out.

I agree that it isn't beneficial for mass transactions but that is what alt coins are for! You have to think of Bitcoin as gold, where there is a finite amount and demand is high due to its scarcity and perceived value. People used to transact with gold but clearly that model became out dated to the point we evolved to today's fiat currency; which clearly has its faults/benefits as well. Bitcoin has value due to its transparency of open ledger, the manner of protecting our money from state seizure, and if crypto currency continues along the trend as a replacement for fiat currency, then Bitcoin would be a good platform for transferring your money into an appreciating asset vs a depreciating asset, aka the US dollar, etc. Plus, Bitcoin is so heavily relied on for transacting for alt coins, so I don't think it will go anywhere anytime soon. I do agree that ETH will take a good amount of market share in the future as they have a great platform!

If I had the option of taking 30 bars of gold or 30 Bitcoin, that I had to put away for my retirement and not touch for 20-30 years I would 100% choose gold. Bitcoin is just way to volatile (as today proves once again).

I would love you to be right though.

Would it break the support or it will go up again? What will be the best thing to do? Hold it more or buy for more? Thanks @cryptopassion for the info...Please keep on posting ,I'm learning from you.
A Crypto- lover here from the Philippines .

Most Welcome For Your Personal Opinion , But I wish All massive profits,

I believe it's going back over 20k$ in the near future

Agreed. Now is a good time to buy! If only I had money to spare.

Nice post! I support the experimental test you are carrying on, hoping that it will be beneficial to all interested parties. I upvote you. Do same for me.

Support lines are horizontal because they are related to price points. For me it seems very random line drawing. But it looks nice...

If you look closer, there is big support around 13k and 11k.

Looks like BTC just dropped below $13k and going down as we speak. It broke both your lines, whats next?

Lets go back in the days ot started
Apreciate, evolving, help, and enjoy BTC no matter what, everything is going normal as it should be.

What do you mean by a bearish scenario?

I don't see any future in the next couple of weeks that bitcoin doesn't hit 20k.

He means if BTC drops below that second line we are in more of a bear market. I.e. the price will be dropping.

😲😲😲I guess we will see about those massive profits! Wishing you the same!

Great post and sage advice on only invest what you can afford to lose.

Thank You bro :) following and follow me please

This is really informative

I am using the correction to buy BTC.

Funny...i am reading this now ( 6 hours after you posted ) and the current BTC price is 13771, which means we're already testing the lower support line. What's worrying, it's that's it's gaining back momentum down ( the momentum disapeared at nearly 15K but now it's back)

I trust bitcon to keep its head above the bearish water but this is scary I must say

good. but whats going now in btc price

https://www.binance.com/?ref=12560538
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