Are we in or out?
Right now BTC price action is very timid.
But I am currently not sure if we are within a triangle or out of it. One would be bullish the other quite bearish.
I have drawn the upper trundling in two ways:
Using wigs on the log chart
This looks really bad. It looks like we tried to break out but failed. This makes me want to short btc.
Using closing candles and non log
This looks fantastic. It looks like we broke out and are confirming the trend line. This makes me think we will break out very soon.
To me the key question is: Will 6k hold in the near term. I think if it does we will see and end to the bear market and start to slowly move upwards towards the end of the year.
If not I am guessing some violent downward moves towards 1-3k will happen and we won't see a rally until about one year from now.
I think we are looking at 6k to hold until late November. The Bakkt news will begin ramping up as their first product is released. There is also the messy looking stock market which may send tech investors towards the crypto market.
Sorry to those losing money on BTC. I've only ever invested in Steem. I have no interest in crypto where the profit and losses are solely dependant on the current market value; unless you're a miner. I like Steem because of the rewards pool; and pretty much everything else about it. The transaction fees for BTC, from what I've read, really makes me not wanna buy any.
For the 11 months I've been on the blockchain, Steem and most of the other so called alt coins all go up and down at about the same rate as Bitcoin. Now, BTC and the other most popular coins are all crashing, but Steem is staying stable. I've always wanted Steem to break away from BTC, and as of right now, that is finally happening. Steem value should have nothing to do with the value of anything else. Steem is social media and reward pool mining and should have nothing to do with Bitcoin.
This will eventually happen as other projects fails while some succeed and value is determined by the merits of each individual asset. I also believe Steem will out better than most.
What's wrong with transaction fees for btc? They are mere cents.
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Charts only tell a story of what has happened and don't take into account the current news and trends that are happening in the real world. It's why those who follow charts as the end all be all end up getting their asses handed to them far to often.
Right now I feel that the US government is warming up to BTC and crypto as a whole as are the people. The US market is massive and the amount of institutional money that sits on the sidelines waiting for the ability to dump money into BTC is mind boggling. People think the crypto market is large, but it's barely a blip on the screen for the total investments of the institutional investors.
When the big rally happens I will not try to predict other then to say when the institutional money really starts to flow in we will see massive gains. The long hold between 6-6800 really to me shows a nice floor building, but no way to know without a couple strong high volume tests of the floor to know how real it is. If we see a high volume hold of the floor I think we are set for good days ahead on a purely technical side.
Here is a very important long term trend/fractal I've been observing for some time:
We've been breaking out of descending triangles with each new triangle creating a lower angle. Since the beginning of the year I've been expecting this and I continue to speculate that we'll see a cup and handle. The price movements haven't been completely flat. So we might have one more fractal and then go on a steady climb almost making a symmetrical picture.
It's hard to think of a better entry point. We may or may not have to wait longer for a bull market to resume and we may or may not get a better low. But we will see some good movements at least by the end of the year.
That's just my opinion.
I don't think BTC will hit anywhere under 4.5k. After the
US governmentt said it doesn't like China dominating the mining I think there's going to be a fight to who can gather more. Plus it still needs to be profitable for miners otherwise people will start looking for new coins
Very interesting this publication. You have to study a lot to understand those cryptocurrency graphs. We hope that steem is positioned as we all want to increase its value.
There has to be a bottom somewhere. Difficult to phantom 1-3k a bitcoin at this stage of the game. More likely a steady flat to slight uptick until the stock market falls apart. By then I think crypto in general will moon. Market needs a good flush like 2008/09. Right before bitcoin was created. :)
Each breakout (up or down) has to happen dynamically. But since several weeks I can't see any signifcant and enduring move. So we have to wait patiently. I'm not afraid, I'm very confident.
@knircky Thank you for your long time witness support. To bad you removed your vote.. let me know why or what I could have done.. thx rival
Sorry what is your witness i will vote for u again.
Rival is my witness.. and Thx again for the support👍
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Question in return, i see you do not vote for steem-bounty? Any reason why?
No particolar
reason why i Didnt vote it. Didnt look into the project in detail. Will check it later tonight.
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check again ;-)
Is that 90 days? What does it look like if you zoom out to 90 weeks
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