Here’s what’s really going on with Bitcoin
Is Bitcoin correcting or crashing?
Bitcoin has been turbulent over the last few weeks. Many in the crypto space are speculating that the correction is ending with the recent strong upswing, which followed new low below $1900. Others fear the bubble is bursting and are bailing from an imminent crash.
So which is it?
Neither!!!!!!!!!!!!!
Look to the daily price chart and it is clear we are simply entering bear market. We see lower highs and lower lows as the price action descends. The most recent strong upswing failed to break the previous resistance at $2400.
Bitcoin entering a downtrend (bear market)
Daily chart -> lower highs, old supports becoming new resistance
Today it tried to comeback but did not break $2400
Popular theories
Recovering from the correction
Crashing (panicking)
Uncertainty about bitcoin’s future means people are hedging / looking for safety (fiat)
Coindesk article - timeline on btc upgrade
http://www.coindesk.com/happen-bitcoin-visual-guide-scaling-outcomes/
October / November recovery but 4th quarter is usually bearish
Best thing to do now is Hedge (http://bit.ly/2uAN8rG)
Enjoy.
I think it's mostly dependent on the Seg Wit action personally, and the miners seem to be holding out until the last second (as I would've guessed). Dig the post and gave you a follow.
Also - I just published "Welcome to the F*cking Show: Bitcoin and Your Future With Money" on Amazon. I think it's the book that will provide the ultimate cutting of the crypto learning curve for new ppl in the space, so if you have any friends trying to break into the crypto game feel free to tell them to check it out. Cheers to BTC!
thanks
We made it to $2700 which seems to be a bit of an indicator that some confidence is coming back to the market. So where will we go from here?