Bitcoin (BTC) First Morning Update
Its looking like there is still sellers that remain. Rather than a A B C correction its going to need a A B C D E. This is not bad at all, if anything it is extra BULLISH. WHY? With all the sellers gone ONLY buyers remain, yes the price will be low... i predict as low as $8200.
There will be blood in the streets, EOS Bitshares etc will be at all times lows, the BEARS will be out saying Bitcoin is dead, Those that are not aware of Techical Analysis will be scared but this is a healthy correction. When you zoom out you see the big picture.
At $8200 guess who will jump on when the market starts to turn.... WALL STREET, with no sellers left... WHAT DO YOU THINK IS GOING TO HAPPEN TO PRICE?
What do i advise you do. Hold your coins, raise as much cash as you can and be ready to BUY as it comes to the bottom. I could be wrong but for such a massive run up for 12months, the correction has been too quick.
p.s
My Mentor says that to be a great technical Analysis you must give a secondary count. Teachnical Analysis is not a crystal ball, even though the markets do move it predictable ways it can alos change at a moment notice or certain factors can be over looked.
My second count is more of a deeper look at my primary. Below is a close up of Bitcoin on the 30min candle.
As you can see there is support in an upware direction, you but if the triangle is breached there could be a break out. What you may see happen is another bounce, even a run down the side of wall as shown in picture below, if all attempts fail then it will drop to the lower low.
Using the Fibonacci retracement you can clearly see there is support on the 0.61 (Golden Ratio), then the 0.5, and the 0.38, only doing technical analysis for a short time but this is a positive sign. That all been said it is all about the wall being breahed and breached well as it can pop out then back in.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
It all depends on the scaling, if BTC gets lightning, and if it can scale, then its on to the moon.. If not, we will see some altcoin taking over.
It took me along time to work out the fact that has ben staring me in the face the whole time, Bitcoin is the only coin. The rest are fairy dust. Etheruem has 100x companys and it doesnt even work, what a house of cards. Bitcoin has been working from its genesis, yes scalability is a problem but it will be solved.
Only started reading andreas antonopoulos book but ive heard that with the scalability issue solved Bitcoin can do everything. If this is true the rest is history.