BTC looking scary
When looking at the BTC price the last few days it does not seem so bad. We have been holding steady above 7k and are cruising around 7.5k now maybe a little less.
However there is this uptrend in my chart that seems to act as resistance to the upside in a scary way. I have been drawing this trend for a while now but on 5-27 the price bent below the line.
It looks like since the then price has been trying to break above it but the bulls never managed to beat the bears.
Here is a longer term view onto this trend line to give you a better idea on how I drew it.
This is scary!
Normally when price is trying to break through resistance and does not so over several days, it tends to fall to the other side of it and that quite strongly. So generally what is happening here looks to me like trouble.
Some hope
However there is a different perspective and that is the log scale view onto the same chart.
I tend to believe the logterm view more in BTC land, but not in the short term. So this view looks a little better as price is clearly above the uptrend in this view.
What do you make of the current price action?
So what do you think the future holds? Price looks very much like in no-mans land to me. I would not want to make a major trade at this point. What seems clear to me is that staying above the current price level would mean major strength.
What do you think about the current price action and where it will go in the short and long term
i'm sure the price will go up longterm. definetly. because of this i don't sell my Bitcoin. But i dont hold that much.
But i think shortterm we have a long journey before the price will raise again. As you can see in your chart we are not at the end of the triangle. It will take some time before there is a new great move in the chart.
i prefer to buy here, because we are at the bottom of the triangle. You can set a stop-loss order on the bottom line of the triangle. So you can make a trade with a low risk
I think the crypto world is in a lull right now, but it's much more stable than it was, and that means more sustainable gains in the future. It's certainly not a time to sell, and I think a small buy now would be a good move if you have the stomach for it. It may dip a little bit farther but the range we've been in for the last couple of months (as opposed to what we were looking at in December/January) is building investor confidence. The people who are still in the game believe in crypto and aren't shaken by fluctuations in the market, because we've seen it all at this point. The people who never really believed in blockchain to begin with and just wanted fast gains are long gone by now, and that's better for all of us.
I think very important is to hold the 7000 mark. If we dip below the double low than BTC might easily rush down to 5000. If you look at it using the charts.
Fundamentally the market is still orientating itself. First it seemed we went onto a recovery which stopped completely and the whole market went down again. Not sure if most investors are really confident now to buy at this times or if they are waiting for stronger signals.
Especially here in Asia, Korea Japan and China, were people were really enthusiastic before, some kind of resignation mood has taken over. Authorities are trying to hit hard on exchanges and investors and want to imply there own rules and regulations. That left many people worried where the whole crypto thing is heading to.
As long as we don’t get some positive news, I don’t really see the urge to put in fresh money. Even some pump could do the trick and remind people how easily the market move at the end of last year. Of course there is always some manipulation too, like spreading rumours and fud, but that’s part of the game. We just need to learn to read and use it. That’s the hard part, I’m still struggling and working on myself too.
What I think is that the price may fall a bit more to ~$ 6000 and will start rising from September-October. In Summer months, the forex/crypto markets are down normally. I would also buy at a dip and then sell with some profit; I like to hold it long term, but also taking profits sometimes and then buy again at the dip.
If I have learned one thing in the crypto-space and that ist don't try to make sense out of the price action. We are still miles away before we have optimal price mechanism like those we know from the stock market. There is still to many not reglulated exchanges, market manipulation and all kinds of shenanigans going on. But in my personal view I would pay more attention to the overall technical development of the blockchain technology. And there we can find a lot of good and new developments e.g. Lightning Network, atomic swaps and BTC smart contracts are coming. So, therefore don't panic about the price, soon we will have better market news flow and than the hype and FOMO will start again. To keep it simple buy the dip!!!
Yes and when do we ever have sensible price action in any market.
Higher time frames dominating lower time frames. Looking at the weekly it clearly shows that we are in a bear market. So the probability is higher that we are going down than up until we find a bottom and that is something I don't see yet.
It sort of looks like it's going to go down again for the short term - maybe it makes sense with the northern hemisphere starting to go on their summer holidays and thinking about the sun more than about investments... Not sure how much that effects things like cryptos though.
Long term, I still believe the whole thing is going to go up again. Cryptocurrencies are becoming more and more widely accepted. That's going to fuel another period of growth. When? I'm no financier, but I would have thought before the end of the year. Whether bitcoin itself does the same is another question - that's more to do with their own internals than it is with cryptos in general.
What we're really waiting for are governments to start accepting these as valid forms of payment. Then, it really will go mainstream.
So hoping it goes up. I need it bad. Unfortunately, I think it will go down in a long curve to about 5500-6000 and going over the ATH in the next year or two. I predict it to mirror this chart from the end of 2013 to beginning of 2017. I hope I am wrong.
The price has been steady these last few days, going at about $7,400.00 average, I guess we are seeing a lot of people afraid of gambling their money with the impending problems tariffs can cause, and maybe afraid of crypto because of regulations being implemented.
I think by late July Crypto will see a strong hike in prices.
Yes, BTC looks scary, STEEM rocks!