Bitcoin entering possible head and shoulder pattern. Needs to break $17250
Bitcoin core has had a nice comeback after the correction, and is currently beginning to form a head and shoulder pattern.
The initial peak and subsequent decline represent the waning momentum of the prior bullish trend. Wanting to sustain the upward movement as long as possible, bulls rally to push the price back up past the initial peak to reach a new high (the head). At this point, it is still possible that bulls could reinstate their market dominance and continue the upward trend.
I personally believe Bitcoin will break $17250 and continue it's incredible journey in 2018. As many of you know, I have hedged myself quite a bit against Bitcoin these past months ( the whole point of this blog is to be 100% transparent and tell exactly what I'm doing in the markets). Not mainly because I think there are some issues with Bitcoin that speaks against it, but because I believe there is so much more profits to be made in certain alt-coins and utility coins in the years to come.
That being said, I still hold quite a significant portion of Bitcoin core (22% of my total holdings) and I'm still bullish for Bitcoin core. It could very well end up as a store of value, even if I don't really see the point of that - but hey, the markets decide that, or it could solve their problems with 2nd layer solutions like LN - which I'm not in favor of. Or it could lose completely to BCH. I don't know which one it will be - and frankly, all scenarios are OK for me. I'm mostly interested in the utility tokens at this point.
John Mcafee is still hodling his 1 million by 2020 prediction, which I suppose means he sees BTC at at least 50-100k in 2018. I think we need to see some solutions to the fee-problem before that is on, but it seems like people are buying now.
Let's see if it can break through this head and shoulder pattern first.
Total crypto currency mcap is trying to break through $600 billion ATM, which will also indicate further uptrend and a reversal from bearish to bullish.
The chart is forming a triangle. I brought here the same 4 hour chart that you used. If it doesn't continue sideways and breaks the triangle line on top, that will be a signal for upward move. If it will stay above 16 000 by the end of this year, that will be even stronger signal. As for previous crucial points, staying above 16800 by 2 or 3 candles (8-12 hours) is also a good signal to buy.
Depending when, but of course breaking 17.5K point is a strong buy signal.
If we're at the peak of the right shoulder nowish we would be dipping again here shortly correct? I need to get my money into the crypto space so I can invest in altcoins, just trying to find a good time. I already put some in at 14.5.
Could be..at the same time I would watch that upwards trendline. It could fall down to 14500 levels the next couple of days. But this is very hard to predict. I would just hodl and focus on other coins.
I'm still hesitant about putting money into anything bitcoin related. I prefer to invest into altcoins given the valuation of BTC or BCH becoming insanely high. Maybe I'm just risk adverse but investing into utility coins just makes more sense to me.
Bitcoin prices will increase further. Because Bitcoin is the future generation coins.
I thought McAfee supported bitcoin cash and not bitcoin. Is it right?
Yup. So if he's this positive towards Bitcoin, you can only imagine where BCH will go? BCH 100 trillion in 2020, or he will set fire to his ball sack while surgically removing his anus?
Now that is funny.
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Nice post. Yes, we need to break 17.3k if not we could face much bigger correction, since today almost everything is based on technical analysis.
I think he'll stagnate for a moment the time to repair the korea platform
When do you think it will be time to leave Bitcoin? After I got over that barrier? I've been asking that question for a long time ...
¯_(ツ)_/¯