Bitcoin Trend Series / EP. 559 / Bitcoin Prepare For A Boost / Steem Bounty Reward
Time: 8.38 A.M. / GM+2 / 11 Apr 2018 – Wed.
Bitcoin has been stuck in a tight trading range for more than 2 weeks, unable to make any progress on the back of negative publicity and the threat by some governments to heavily regulate the crypto currency.
- With the IRS focusing on the new tax laws, the taxes start to causing complications on crypto market and this has sent bitcoin price into a sideways pattern. Taxpayers are obliged to reveal any crypto assets in their declarations. They may also have to sell part of their crypto holdings at the current lower prices to pay the applicable taxes. For more info feel free to read Can Crypto Taxes Hurt !
- In order for banks and government to take control of bitcoin, Bitcoin futures market will require liquidity / volume dominance over the actual BTC exchange market. Due to nature of 'leverage' trades that futures allow, the threat of BTC futures volume overtaking BTC exchange market is a real threat, traders can bet on $5k worth of BTC with $500 (for example). However, certain events have to take place in order for this to come to fruition:
Investor confidence in BTC plummets and the HODL'ers realise that they are not getting rich as quick as they first thought. - Market Cap of Bitcoin nosedives, and struggles to recover throughout 2018 and parts of 2019.
Simultaneously, the volume of BTC futures contracts increase exponentially thus getting closer to overtaking the BTC market cap.
- In our previous post / 558 / we had forecast the trading range will be between 6.49K and 7.34K. The intraday high was 6.89K, and the low was 6.65K.
And as our prediction in last post:
"The swing move will continue and most likely will take end soon as the limit for any major swing is Apr 12, which is now supported by the squeezed 1D band that we have been seeing for the past few days..."Bitcoin price tested the 6.65K and start another up move to keep the ping pong move as our forecast.
- Technical indicators mostly seem to be hinting at more gains ahead as bitcoin price found support at 6.49K area:
The gap between the moving averages is narrowing to signal a potential return in buying pressure.
RSI is moving higher to reflect the presence of bullish pressure.
MACD support the bullish wave.
Most likely we will see some positive action in the next 72 hours as bitcoin trading volume seems to remain steady around the $4bn mark and this is a positive aspect.
Bitcoin price is not going down below 6.49K and for now, it seems to hold up quite well. The reason why I think bitcoin price is preparing for a boost.
We suggest for today neutral trend domination as 6.49K support area is holding every atack with higher lows. Thats a good place for accumulating buyers before April 17, when USA tax period finishes. The reason why we believe bitcoin price can recover and the trend most likely become bullish soon and the bullish wave will bring a strong bounce soon.
Support 1: 6490.00 level.
Resistance1 : 7500.00 level.
Support 2: 6240.00 level.
Resistance2 : 7880.00 level.
Expected trading for today:
is between 6490.00 and 7340.00.
Expected trend for today :
Neutral.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
/ Project by @knircky & @famunger /
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investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
The chart is telling us that the sell-off has come to and end. I'm very confident now. Bye the way, taxation is theft. And since Einsteins relativity theory we can say: There are no gains in crpyotos, but losses in USD!
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Well Said..
Thanks my friend for continued support to my blog..
The price swings currently inside a 6.80K - 6.86K soft rectangle on 30M and comprehensibly neutral 47.778 < RSI < 53.504 across all Hourly and Minute charts.
It is interesting to see however that 1D Channel Down looks more like a bullish reversal since March 30, especially as long as the 6.49K support stays intact..
1D Channel Down looks more like a bullish reversal since March 30, especially as long as the 6.49K..
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Thank you for your informative serial postings. I really enjoy reading everytime.
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Can we expect another bull run :D
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Hi lordoftruth,
Glad to to see the BTC will not go below $6.49 K because I want Bullish movements because I am hodling.
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Bitcoin is only used by traders and criminals. It is the primary currency of the silk road, and its successors. The price went up to about $20,000 dollars, and then crashed – presumably no real economy had been built up around it. Using it to buy a cup of coffee is impossible due to its volatility. One day you might have $20 and transfer fees around 1 cent. The next you might have $10 and transfer fees of around $40. How can the average person use that to store their life's savings?
You really babbling here! Would you use gold(store of value for most right) to buy coffee? Is speculative investment that have high risk and high reward. You should never store most of savings into speculative investment unless you are young. Anyway obviously on steem most of us are very optimistic for future of crypto and most of world is (and will be for awhile)opposite. Most gains(and volatility) will be 1. until crypto gets mainstream or 2. something much better emerges. I really dont see much chance for option 3. which is crypto just dies as one of inventions that didnt stick.
No. You can't use it for anything, except buying drugs online. What real value does it have? It won't become mainstream because big tech (such as google, facebook, apple etc.) see it as a threat. Google are probably rigging their algorithms to rank crypto-currency related sites lower than other sites. Facebook are probably doing the same, except with posts and users. The media keep shouting about how it's a speculative bubble (it definitely was).
Basically, you're proving my point. You suggest that btc has a future because of the "high risk and reward." You do nothing to address the little problem that it has no real use. The only crypto with real potential is completely centralized (that's tether).
Bitcoin futures presented investors with a really effective way of shorting the price of BTC so i'm not surprised to see that the price fell from an all time high just a few months after they started trading. If your investment strategy is to HODL (if that is a strategy at all) then you should be prepared for some pain during periods such as this. Unfortunately most HODLers are "true believers" they can only see the market going in one direction and therefore are blind to opportunities of making money when the market goes the other way.
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