Another day, another bloodbathsteemCreated with Sketch.

in bitcoin •  26 days ago

A new day and a new plunge for bitcoin.

How low will we go?

That is the question on everyone's mind, and I do mean everyone in crypto as just about every single altcoin project seems to be tethered (no pun intended) to the hip of the price movements of bitcoin.

When bitcoin falls 5%, every other project falls 5-15%.

This isn't anything new, it has been this way for some time now and was the case when bitcoin ran up in late 2017 as well.

How low will we go currently?

Looking a chart of bitcoin, the first thing that sticks out is the previous low during this bear cycle.

Which, depending on what chart you look at, comes in somewhere around $3,100.

Once that breaks, and I think it might, we are looking at some psychological support at $3k. Then a good amount of support in the $2,800-$2,500 region.

From there, $2k looks as though it would be the next really solid major support.

Will we get there?

Honestly your guess is as good as mine.

Judging from what I am seeing in the price action, IE bounces being sold off every time and having very little gusto, I would not be surprised to see lower lows in the next few weeks/months.

There has just been nothing in the price action so far that has shown me that we are ready to bottom yet.

The scary thing for me is that the price action has been so weak that we may be a ways off from a bottom...

I'm looking at you $1k-$2k.

I hope we don't get there and I don't really think we will, but at this point I think we hit $2,500 and possibly $2,000.

What that means for steem might not be pretty.

Could we take out the all time lows on a btc plunge to $2k?

Possibly...

The good news is that we are starting to see some anomalies on the charts.

For example we now have 6 red candles in a row:

(Source: https://twitter.com/Philsabang/status/1088714471764307969)

We are due for a green one.

Whether we get one in February or not remains to be seen, but this is shaping up to be a not so fun start to 2019.

Stay informed my friends.

Follow me: @jrcornel

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Seems melodramatic.

bloodbath.png

lol :D

I'm not gonna worry about it unless it breaks support at $3200.

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Looks like a triple bottom to me... and there is really no such thing as a triple bottom. Often the third time a price touches a region it breaks through it.

This become very bad

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Yep, it has been bad for a long time now. Hopefully the end is near, I am not sure though.

Well honestly speaking the bear market has put us in a position that we never thought we will be, I recommend people to hold don’t sell or buy anything for now until we see some sign of reversal.. #Just HODL

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When steem was around $9, I remember having the conversation with a friend of mine that I didn't think steem would ever break $1 again. Well here we are at $.28.

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Well all of us were thinking the same thing.. even bitcoin i never thought it will go back to 5k after climbing to 20k but that a lesson I have leaned so far since I have been in the crypto space

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Very true. I knew a pullback was likely coming when prices were going parabolic, but I had thought that something around 50% was reasonable, maybe even 75%. Not 95%...

bankruptcy.jpg

Sincerely and without the intention of scaring anyone.

The real price of BitCoin, what is it?

I have always said that the price of BitCoin even exceeds that of the Euro, therefore it is not surprising that it will collapse after its price has been inflated, thanks to the inestimable help of criminal and criminal societies, since people Normal does not buy cryptoactive, this is known from the beginning that BitCoin has been and is a big scam.

In any case what matters is the technology underlying the BTC phenomenon and this technology if it is improved, it could be interesting.
However, here there are many interests involved in the supposed regularization of cryptocurrency, apart from the citizens when they hear about cryptocurrency, what they tell you first is that they do not want to hear a word about BitCoin, which it is a scam. This is real

What future awaits BitCoin? ... Bankruptcy, without any doubt

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I don't agree with just about all of this. Bitcoin is purely based on supply/demand, like any commodity. There are no cash flows or dividends and as you mentioned it is not widely used as a form of payment. However, it could be widely used as a form of payment someday as it is just software that can be improved upon and updated/upgraded.

Then, even if it is not every widely used as a form of payment, it offers some interesting properties as digital gold. A store of value with a fixed known supply that can't be controlled by any one government. I like it as digital gold personally. Over time the volatility will come out and it will move more similar to gold.

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All prices are dictated by supply and demand. Currently not much of the world owns bitcoin. If just a small fraction start taking up a position because bitcoin is not correlated with any other asset and it works decently as a store of value alternative to gold, the price will go up. Multi billion dollar funds and endowments will eventually want a 1-2% exposure to bitcoin, which will represent $100's of millions in buying pressure, each.

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Ejemplo.png

It is not by contradecirte seriously ^_^

In India, the use of cryptocurrencies has been prohibited, and you can close your bank accounts if you do cryptocurrency transactions, whatever it may be.

In Europe there is a great debate on the subject and it is becoming very clear that what matters is to implement the BlockChain technology, but not the use of cryptoactive as payment method, because that is why we have the Euro in our homes.

The BTC bubble has been inflated by criminal societies that wanted to divert and clean money, when governments have warned this, they have put cards on the table (nobody likes to have something they can not control and that can affect the economy of a country, it becomes extremely dangerous) and the first step to avoid this has been that you can no longer acquire cryptocurrency without being properly identified and tracked assets.

That is, Europe says yes to implement BlockChain in its banks, but not cryptocurrency. Soon, a resolution on this will be coming soon. Europe and many other governments do not approve of the BTC or any other cryptoactive, they do welcome the BlockChain technology, which by the way is open source and accessible to everyone, being able to improve it for internal banking purposes, but the currency it will continue to be the Euro in Europe and the Dollar in the US.

Nobody wants a runaway horse loose in his field and much less if it is unpredictable, because it becomes as I said before, dangerous to the system. History can tell you a lot about this.

Look for example in the currency EUR / USD in Forex, as you see it is falling, that is losing value.

In any case, everyone is free to invest their money wherever they please, as long as the assets are clean.

My personal opinion is this, nothing more ;-)

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Bitcoin has also been declared as money in Japan. It's global. Even if one country takes a hard stand on it, doesn't mean others will.

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Here I have posted an article that you , is in Spanish, but you can translate it with Google Chrome or any other.

A greeting

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Less than $ 2,500 is the collapse of many cryptocurrencies, so this will not happen!

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Or perhaps that means it will as they all try to sell whatever they can to keep the lights on...

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The main thing - do not panic ! )

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Maybe, unless your coin is going to zero, then you want to be panicking well before that happens.

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It's too late to panic - just fasten your seat belts and enjoy the flight. )

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I disagree. Losing 95% from the highs is better than losing all 100%, which is where some of these projects are going.

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some will never rise - I feel sorry for investors

cryptos go where their masters put them...

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Haha very well said! Well, where are steem's masters taking it?

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Rock bottom this coming month I'd guess - ready to buy up cheap (by them)

To listen to the audio version of this article click on the play image.

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A lot of poeple capitulate about crypto and the dream of decentralization.

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Decentralization is not always a positive. If everything is decentralized, it becomes difficult to get anything done. The buck often has to stop somewhere. Though with a digital store of value like bitcoin, decentralized is a good thing.

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In that case is a proved use case.

Surprising to see this price action with traditional market doing better. You would think that excess capital would make its way into cryptos but I think there is some major deleveraging going on behind the scenes which are impacting all risky assets.

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Yep, I think you are exactly right. I also expected bitcoin to be a little more correlated with risky assets right now. It basically only goes down, no matter what anything else does.

Steem should ween itself from bitcoin.

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If we get more fiat/steem pairs I think it could. That is one of the main reasons they all move with bitcoin, they are all priced in bitcoin.

hola queria agradecerte por la informacion, aprendo mucho de tu blog, sobre todo ahora que estoy iniciando en la mineria de BTC, humildemente, te agradeceria mucho que me aconsejes sobre DOGECOIN, todos los pronosticos parecen ser favorables,, pero aveces surgen muchas dudas! saludos cordiales desde Buenos Aires.

Like I said earlier, we will see what happens in next two or three months... currently it's the calm before the storm, the infamous Halcyon days...

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If we don't have at least a significant bounce in the Spring, that would spell trouble...

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We need good developers that know how to write cryptography related software... Without new innovations nobody except scammers need Bitcoin and that means there will be less to spend on altcoins. Currently there is a lot more sellers than buyers and that will push the exchange rates down.

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Ugh. At least we've got steem monsters and steemit to earn while the bears feast.

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Very true. We need a more and better applications though.