If Bitcoin breaks above $10000 USD again...

in #bitcoin • 5 years ago

Then what? Here's what it looks like to me. (But I'm just the guy who has been right about Bitcoin from the beginning, so this could be wrong. Do your own research and come to your own decisions.)

At $9300 right now, 10k isn't really a stretch. So why'd I mention it?

Well, for one thing, it's a psychological level. People have a thing for ten grand, for some reason. They just do.

Then there's the technical analysis side of things:


(DRutter's patented low-tech technical analysis)

The first thing it would do is render the current dip to 7333 a failed move. Which tells the chart that the move from 10k to 8k (Sept 23rd) was also a failed move.

An expected reaction (blue arrow) would be something in the range of 14k, which means a test of the local high set back on June 25th.

Any break of that level would complete the bowl pattern playing out since Christmas 2017, the infamous 20,000 target. That bowl (or 'cup') pattern is Bitcoin's strongest technical indicator, unbroken since a marketplace first stabilized to trade it.

That's an easy and clear path to 20,000. It's one I first explained well over a year ago. I continue to believe 2019 will be the crypto recovery year, and 2020 will be the year of all time new highs.

(And it would be really great if STEEM would get back on track for meteoric gains, too!)

DRutter

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#cryptocurrency #cryptos #steem #market #analysis
5 years ago in #bitcoin by
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     5 years ago 

    It's really about time for STEEM to shine! We're down 99% in value and desperately need a turnaround soon.

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     5 years ago 

    Very much hoping next year will bring new highs.

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     5 years ago 

    It's hard to see many more future opportunities to buy in the 4 digits.
    Sure seems we won't see $4000 again.

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       5 years ago 

      Very surprised if we see it down to $4000 again.

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         5 years ago 

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