BTC - We may finally be breaking the down trend

in bitcoin •  22 days ago

Bitcoin may finally be starting a bullish trend again.

Prices have been in a pronounced downtrend for what has seemed like enternity.

In reality, the downtrend has only lasted from middle of December until middle of August, about 8 months in total.

However, as you know, 8 months can sure feel like an eternity in cryptocurrency land!

Things starting to look up.

If you look at a daily chart chart, you can see that bitcoin has finally garnered a bit of momentum.

The MACD had a bullish cross from an oversold conditionn recently, which is exactly what you want to see.

It still has plenty of room to the upside as well:

If bitcoin follows a similar pattern to what happened in July, we could see the MACD move all the way up to the 400 range again.

Where are we going from here?

That is the 64 thousand dollar question!

In the short term there is pretty clear skies to about $7,600 area.

If we can bust through that, $8,500 may be in play before things start looking overbought.

Regardless, this current move looks different than previous ones.

It is slower in development, which means it may have more staying power.

Which kind of move would you prefer?

Move #1 or move #2?

A slow grind higher has a much better chance of holding the gains than a fast energy surge moon shot.

We saw this play out in early 2017 compared to what has happened thus far in 2018.

Stay informed my friends.

Image Source:

https://siliconangle.com/2018/05/27/cryptocurrency-press-goes-meltdown-bitcoin-trademark/

Follow me: @jrcornel

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What have to happen - will hapen. Will we see a new ATH this year ? You bet ! Bet your precious bitcoins. Put your money where your mouth is . This is my msg to all the sceptics on this planet.

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It's possible, though we are quickly running out of months.

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Yep look like we are in the right way up again

Nice rally so far! 👍💰👍

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Yep, now it just needs to hold.

It will moon soon!

I prefer slow an easy so that value can rise consistent with price as the technology matures and adoption increases. However, volumes are somewhat lackluster for breakouts and the use of leverage will make traders manipulate moves and volatility. We are truly at a crossroads so we will soon know.

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The introduction of Ether CBOE futures may also help. People will be able to short ether instead of just bitcoin. I would expect that alleviates some of the short pressure on bitcoin. We will see.

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I agree and during the slower ascension I would like to see more scaling solutions implemented, otherwise once the market reaches heights we saw last year/Jan the transaction costs will be out of control again and then we will have the constant FUD (probably justified) about how the technology is overvalued relative to utility.

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That is a very good point. We definitely need the tech to be advancing if we want to hold more of the gains the next time.

Lets just hope for the best :)

Looking very bullish, I'm excited

Really great and it has charmed me a lot.

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This is actually pretty helpful, thanks!

Great new for the whole crypto space!

Thanks For Updating it will be a relief for the holders😂

Keep Updating sir.



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profile and see the post about OMG also put your thoughts over it.With A price prediction🙏❤️

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Just needs to hold $7k for a bit and we should be set up nicely.

I'll go with move #2 because there's no decline in it. With that move, it's definitely not gonna fall to reach the level its started. Great analysis @jrcornel

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Slow and steady wins the race!

lets hope so,, been bearish for wey to long,, onwards and upwards

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Agreed. Eventually the bulls will return, and in my opinion we are probably very close to that happening..

Pretty sure that price goes up, still wondering about the etf decision and what it´ll do with the price when no final decision has yet been made...

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Most likely the VanEck application will be delayed further as we get to September 30th. Then a final decision will need to be made sometime around March of 2019. That will be the time that the SEC's decision impacts the market.

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People thinking the ETF will significantly increase the value of bitcoin are mistaken. This enthusiasm is what will be sold come the decision. The price will pump and drop. The actual price is determined in the exchange market and the ETF has little direct impact on the underlying value. So don't buy on the up. Remember buy the rumor, sell the news.

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This isn't entirely true. A physically backed bitcoin ETF will certainly help drive the price of bitcoin higher as it buys up bitcoins to back it's shares initially. However, once the ETF actually launches it won't have as much of an impact on prices because the shares will be traded instead of the actual asset. At that point, the ETF price pretty much FOLLOWS the price of the asset instead of SETTING it. Also, once one physically backed ETF is approved, many more will try to launch and they will all need to buy up an inventory as well, which will also spur demand. The ETF will also likely open the market up to many more participants which likely is a net positive. So, while you are mostly right, there is still a caveat. :)

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I didn't give the whole picture. You're right

Amen amen amen is all I have to say to that

Let´s be real, BTC is condemned to end the year or start the next with a value of around $30K, without much effort, so I think we will be seeing the #Move 2, a fast and explosive grow that will allow everybody to make money and get back in again when the prices get low again.

This is the way Crypto grows "slowly", the so called volatility forces this to happen, in my opinion, but in the end we will reach the moon :D

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I certainly hope you are right.

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Me too :D
But I'm pretty confident on the math/future!

well the wait was too long and it was getting panicked finally some uptrend will help to ease the nerves

Thanks for your post. Although I would love to finally see the bull trend, I would be careful right now. We are seeing many good news, yes, but the market sentiment is still a bit sceptical. Too many people are afraid of such sudden heavy price drops we experienced during the last months. Bulls are tethering quite early these times. Hope to see it going up though.

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Perhaps that is a good thing, markets tend to climb walls of worry. If everyone was finally optimistic again, we probably would be near a top.

Along with your observation it looks like institutional accumulation is happening. The shorts on margin are on steroids...and could become one of the largest short squeezes. Volume is great..I agree..this looks very different than previous runs.

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Yes I have noticed that as well. Shorts on margin are my favorite kind. :)

Nice one. I agree with you. I will add that there are institutions accumulation of bitcoin. Whales buying small purchases. So we must be very careful. But 7000$ is a safe bet. I believe 9000$ price in the short term.
Im a daily blogger in steemit too. Thanks

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$8,500 is going to be a tough crack in the short term, but with news or time we can certainly bust through it.

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yes, but I think it will hit 9k and go quickly down just to liquidate short positions.

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That could certainly happen with the number of shorts on margin currently.

We are slowly getting there ):