Bitcoin: Trading the bounce.
Hi traders,
Bitcoin.
- As expected, Bitcoin had a major correction before it found a floor at $10,900, wrecking altcoins' dollar value in the process but with Bitcoin bouncing, altcoins' value is also back in the green and should keep gaining dollar-wise until the next Bitcoin dump;
Bear scenario: in which we come down to retest the primary trend-line:
- On the bull side, this correction could be the beginning of a large ascending triangle, which could be very bullish;
Bullish scenario: in which we consolidate in an ascending triangle before breaking into new highs:
I hope you can all make money on this trade and that nobody panic-sold yesterday.
Stay tuned.
how do you feel about the declining bitcoin price.
and how your prediction of bitcoin in 2018 will come,
whether decreased or otherwise,
What is your opinion?
Hi @akatsuki28121997, can't tell you for sure. I reckon that if Bitcoin cannot solve its transaction fees problem that could stall adoption going into 2018. As far as price action is concerned, I reckon we'll see one of the two scenarios I wrote about happen in the next few weeks.
May be stupid and an old idea already, the btc transaction fee is high and speed is poor but as its "history" and widely pair with many coins, will it become really a role like gold in the past (e.g. government issued currency back up by gold in the past), but not a method or medium of daily normal trade. Like some people still buying gold nowadays. :-/
The rapid price rise in the market need a retest and reveal the problem of btc users who believe btc could act as a medium of trade efficiently, now and in the future.
Hey @nanosesame, I doubt bitcoin will ever become global money, right now the price is way too high with regard to the fundamentals and you start seeing companies (like Steam) back-tracking on their decision to accept bitcoin as payment due to the fees and volatility, I hope we get a bear market next year so we can all focus on fundamentals and start accumulating the good stuff :)